IR Contacts
Ronnie Vaz Moreira
Vice Chief Executive
Officer and IRO
Ricardo Levy
Financial and IR
Superintendent
Cristina Guedes
IR Manager
Phone: +55 (21) 22112650/ 2660
Fax: +55 (21) 2211-2787
www.light.com.br
E-mail: [email protected]
Extraordinary dividends approved
Supplemental dividend distribution comes to R$0.46/share, totaling
R$2.91/share in the year
Final tariff review consistent with provisional review
Rio de Janeiro’s successful 2016 Olympics bid will spur economic activity
in concession area

The Company approved in November 06, 2009 an additional dividend
distribution of R$94,729,799.90, equal to R$0.46 per share, based on the
profit reserve account balance as of December 31, 2008, generating a
dividend yield of 1.79% relative to the closing balance on November 6, 2009.
Ex-dividend trading of the shares will begin on November 9, 2009. The
additional distribution plus the previously declared dividend totals
R$594,367,556.00, or R$2.91 per share, representing a total dividend yield of
11.49% and a payout of 62.7% of net income for the 2008 fiscal year.
Conference Call
Date: 11/12/2009
Time: 02 P.M. (Brazil)
11 A.M. (US EST)
Phones:
Brazil:
+55 (11) 2188-0188
USA:
+1 (866) 890-2584
Other countries:
+1 (646) 843-6045
 The
Simultaneous
translation into
English
Company
continues
Webcast:
reach
www.light.com.br
levels
of
(Portuguese and
English)

At a public meeting held October 13, 2009, the Brazilian National
Electric Energy Agency (ANEEL) approved the final version of Light SESA’s
tariff review for the period beginning November 7, 2008 (November of 2008
through November of 2013). The tariff repositioning index increased from
1.96% to 2.06%;

The announcement that Rio de Janeiro has been selected to host the
2016 Olympic Games is good news for the Company’s concession area,
considering the expected increase in investments over the next seven years.
The city, which was already benefitting from investments in a number of
previously announced improvements, stands to receive increased investments
in infrastructure and services, which will have an impact on electricity
consumption. 1
Operational Highlights (GWh)
Grid Load*
Billed Energy - Captive Market
Consumption in the concession area1
Transported Energy - TUSD1
Sold Energy - Generation
Commercializated Energy (Esco)**
Financial Highlights (R$ MM)
Net Revenue
EBITDA
EBITDA Margin
Net Income
Net Debt***
3Q09
7,881
4,383
4,989
1,369
1,256
419
1,219
277
22.7%
67
1,496
3Q08
Var. %
7,947
-0.8%
4,344
0.9%
4,980
0.2%
1,333
2.7%
1,234
1.7%
433
-3.2%
1,298
359
27.7%
204
1,321
-6.1%
-22.8%
-67.0%
13.2%
9M09
24,237
14,004
15,775
3,692
3,686
1,208
3,930
847
21.6%
357
1,496
9M08
Var. %
24,683
-1.8%
13,695
2.3%
15,672
0.7%
3,927
-6.0%
3,656
0.8%
1,406 -14.1%
3,911
991
25.3%
689
1,321
to
high
0.5%
-14.5%
-48.2%
13.2%
* Captive market + losses + network use
** Trading + Broker
*** Financial Debt - Cash
productivity. Manageable costs and expenses in 3Q09 came to R$257.0 million, a 4.2% decline
year-on-year, continuing the downward trend observed over the past few quarters. The
decrease resulted primarily from lower third-party service costs and provisions;
To preserve comparability with the market approved by Aneel in the tariff adjustment process, the
billed energy and demand of free customers Valesul, CSN and CSA were excluded, in view of these
customers planned migration to the core network. In 2Q09, the energy consumption of these customers
totaled 411 GWh and their demand was 2,223 GW in this quarter, compared to a 758 GWh consumption
and 2,939 GW demand in 3Q08.
1
1
 The collection problems encountered at the beginning of the year have been overcome.
Collection in 3Q09 reached 99.7% of gross energy supply billing, remaining close to 100% of
the total amount billed. In the last 12 months, the collection rate stood at 97.2% of commercial
billing;
 Consolidated net revenue in the quarter totaled R$1,219.1 million, down 6.1% year-on-year.
That decrease is primarily due to the decline in contracted energy and demand by free
customers, combined with the end of the regulatory asset referring to Parcel A billing in June of
this year. The year-to-date total comes to R$3,929.9 million, a 0.5% year-on-year increase;
 Consolidated EBITDA for the quarter was R$277.3 million, 22.8% below 3Q08, mainly as a
result of the reduction in the Company’s regulatory EBITDA due to the tariff review conducted in
November 2008, which is expected in the first year of each tariff cycle, when scale gains are
fully passed through to consumers. Year-to-date EBITDA is R$847,5 million, 14.5% below the
figure recorded in 9M08;
 Light’s consolidated net income in 3Q09 came to R$67.4 million, compared to the R$204.0
million in 3Q08. Net income in 9M09 reached R$357.1 million. Excluding non-recurring effects
for the same periods in 2008 and in 2009, net income in the 9M09 would have been R$364.3
million and 2.9% higher than the result for the same period in 2008, which would have been
R$353.9 million;
 At the end of 3Q09, the Company’s net debt stood at R$1.495.7 million, 13.2% lower than
the net debt level recorded in September of 2008 and 9.2% lower than in June of 2009. This
decrease is primarily due to the Company’s increased cash generation;
2
Release Segmentation
Light S.A. is a holding company with wholly-owned subsidiaries that participate in three
business segments: electricity distribution (Light SESA), electricity generation (Light Energia)
and electricity trading/services (Light Esco). To increase the transparency of its results and
enable investors to make a better evaluation, Light also presents its results by business
segment.
3rd Quarter 2008 Results
3Q08 and 9M08 results were adjusted to reflect the impacts of Law 11,638/07 on the respective
results of the periods, pursuant to CVM Resolution 592, as well as the reclassification of
employee profit sharing (PLR) after the income tax line, thereby no longer being classified as
costs and personnel expenses. For further information, see Appendix V of this release.

Operating Performance
Distribution
Total energy consumption in Light’s concession area
(captive customers + billed free customers2) in 3Q09 was
4,989 GWh, growing 0.2% when compared to the same
period in 2008, chiefly due to the growth in captive market
Electric Energy Consumption (GWh)
Total Market (Captive + Free)
0.2%
607
636
-4.6%
consumption.
Total consumption in the first nine months of 2009 was
4,989
4,980
4,383
4,344
0.9%
15,775 GWh, a 0.7% increase year-on-year driven mainly
by the significant growth in the residential and commercial
3Q08
markets affected by higher average temperature from
3Q09
Captive
Free
January to September of 2009. According to consumption statistics from the Energetic
Research Enterprise (EPE), this performance surpasses that of the Southeast Region, whose
performance decreased 3.9% year-on-year.
Taking into account the energy consumed by free consumers CSN, Valesul and CSA,
consumption in this quarter was 5,401 GWh and 17,053 GWh year-to-date.
To preserve comparability with the market approved by Aneel in the tariff review process, the billed
energy and demand of free customers Valesul, CSN and CSA were excluded, in view of these customers
planned migration to the core network. In 3Q09, the energy consumption of these customers totaled
411 GWh and their demand was 2,223 GW, compared to a 758 GWh consumption and 2,939 GW
demand in 3Q08.
2
3
Captive Customers
Billed consumption in the captive market grew 0.9% year-on-year, primarily a result of higher
consumption in the residential class. The increased consumption of this class was largely
influenced by the higher temperature in September – 2.8º C above the last September.
Consumption in the residential
Electric Energy Consumption (GWh)
rd
3
segment, which accounted for
Quarter
0.9%
40.2% of the captive market in
the quarter, grew 2.7% over
3Q08.
The
number
4,344
2.7%
0.6%
of
1,714
residential
customers
1,761
rose
with
average
monthly consumption of 159.9
-4.0%
477
2.2% to 3.7 million billed
customers
4,383
Residential
0.3%
1,379
1,388
774
458
Industrial
Commercial
3Q08
776
Others
Total
3Q09
kWh/month in this quarter, compared to 157.8 kWh/month in the same period of 2008.
Commercial segment consumption, which represented 31.7% of the captive market this quarter,
grew 0.6% year-on-year.
The captive industrial segment, which represented only 10.4% of the captive market, consumed
4.0% less in relation to 3Q08. The most affected industries were metallurgy, plastic and metal
and rubber products. This quarter, a customer from the publishing and printing segment that
consumed an average of 0.7 GWh migrated from the captive to the free market.
In 9M09, the captive market’s billed consumption totaled 14,004 GWh, 2.3% above that of
9M08. This growth is primarily a result of the strong performance of the residential and
commercial segments, which recorded billed consumption growth of 4.0% and 1.9%,
respectively, compared to 9M08, representing a 306 GWh increase. This performance allowed
the growth of captive market in the period, offsetting the 2.7%, or 37 GWh, decrease in
industrial consumption in the period that was an effect of the economic slowdown.
4
Network Use 3
Billed energy transported to free customers and
Electric Energy Transportation - GWh
Free Customers + Utilities
concessionaires amounted to 1,369 GWh3 this quarter,
2.7% above 3Q08. This increase was primarily impacted
2,7%
1,333
-4,6%
636
607
697
1,369
9,4%
762
by the flow of energy supplied to the concessionaires
bordering Light’s area, which posted a growth of 9,4%
between the periods, due to a resolution of the National
Electric System Operator (ONS). The free market’s billed
consumption decreased 4.6% mainly due to the return to
the captive market of a free market customer that
Free
Utility
3Q08
represented
Total
3Q09
a
Free
monthly
average
Utility
consumption
of
Total
approximately 10 GWh in 2Q09. In 9M09, network use
totaled 3,692 GWh, 6.0% below the energy transported in 9M08.
The tariff breakdown of free customers is mainly driven by billed demand; therefore, a decline in
the volume of transported energy does not significantly affect the revenue originating from these
customers.
Billed
demand
for
free
customers
and
concessionaires corresponded to 6,040 GW
3
Billed Demand (GW)
Free Costumers and Utilities
this
-0,5%
quarter, dropping slightly by 0.5% in relation to
3Q08.
Free
customer
demand
this
6,073 6,040
6,4%
quarter
decreased by 11.0% compared to the same period
last year, mainly due to the fall in the billed demand
-11,0%
3,663 3,896
2,410 2,144
of a major customer from the steel industry. The
6.4% increase in demand from concessionaires
Free
minimized the decrease in free customer demand. In
Utility
3Q08
Total
3Q09
9M09, free customer and concessionaire demand
totaled 18,257 GW, 1.6% above 9M08 billed demand.
The demand presented in GW refers to the annual sum of GW billed each month,
encompassing peak and off-peak periods.
3Q08
3Q09
To preserve comparability with the market approved by Aneel in the tariff review process, the billed energy
and demand of free customers Valesul, CSN and CSA were excluded, in view of these customers’ planned
migration to the core network. In 3Q09, the energy consumption of these customers totaled 411 GWh and their
demand was 2,223 GW, compared to a 758 GWh consumption and 2,939 GW demand in 3Q08.
3
5
Energy Flow
DISTRIBUTION ENERGETIC BALANCE - GWh
Position: January-September 2009
PROINFA
Residential
5,785.5
324.5
CCEAR
Light Energia
235.7
ITAIPU
(CCEE)
4,223.4
Billed
Energy
14,003.6
Own load
Light
19,283.1
Commercial
4,447.2
Required E.
(CCEE)
19,678.9
AUCTIONS
(CCEE)
9,927.4
NORTE FLU
(CCEE)
4,750.9
OTHERS(*)
(CCEE)
216.9
Industrial
1,349.4
Differences
Others
2,421.6
5,279.4
Basic netw.
losses
Adjustment
389.4
0.0
Billing
Adjustment
6.4
(*) Others = Purchase in Spot - Sale in Spot.
Note: At Light S.A., there is intercompany power purchase/sale elimination
Energy Balance (GWh)
= Grid Load
+ Energy transported to utilities
+ Energy transported to free customers*
= Own Load
+ Captive market consumption
+ Differences
3Q09
7,881
762
1,054
6,065
4,383
1,682
3Q08
7,947
697
1,374
5,875
4,344
1,531
Var.%
-0.8%
9.4%
-23.3%
3.2%
0.9%
9.9%
9M09
24,237
1,921
3,033
19,283
14,004
5,279
9M08
24,683
1,950
4,133
18,600
13,695
4,905
Var.%
-1.8%
-1.5%
-26.6%
3.7%
2.3%
7.6%
*Including CSN, Valesul and CSA
6
Electric Energy Losses
Light’s total losses totaled 7,005 GWh,
Light Losses Evolution
12 months
or 21.50% over the grid load, in the 12
months that ended in September of
21.50%
14.93%
15.22%
2009. The higher average temperature
had a negative impact on September’s
Sep-08
losses
results.
temperature,
In
the
addition
index
to
was
7,005
21.23%
14.60%
6,929
20.79%
14.36%
6,885
20.42%
14.44%
6,808
compared to the loss index in June of
20.51%
6,743
2009, representing a 0.27 p.p. increase
Dec-08
Mar-09
Jun-09
Sep-09
GWh Losses
% Losses / Grid Load (Own + Transport)
Non-technical losses % Grid Load
the
also
affected by a decline in consumption of
large customers (which do not suffer
non-technical
losses),
Non tecnical losses / Low voltage market
12 months
adversely
impacting the grid load, which is the
denominator of the index.
42.4%
4,991
42.6%
4,859
41.8%
4,832
low voltage market in compliance with
41.8%
4,682
will be publicized for billed energy in the
41.7%
4,793
From this quarter, non-technical losses
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
the change mandated by ANEEL in its
"Non Tecnincal Losses (GW)"
"Non tecnical Losses % Low Voltage Mkt"
definitive tariff review approved last October. In light of that change, non-technical losses, which
in the 12 months ending in September of 2009 totaled 4.959 GWh, representing 15.22% of the
grid load, represented 42.3% of the low voltage market.
Conventional energy recovery processes, such as
Recovered Energy
GW
the negotiation of amounts owed by customers
112.5
32.3%
where fraud was detected, caused energy recovered
in 9M09 to increase 32.3% over the same period in
85.1
the previous year, totaling 112.5 GWh recovered.
21.9% more customers were normalized (elimination
of irregularities found during inspection), than in
9M08.
9M08
9M09
Energy Incorporation
GW
Additionally,
loss
prevention
programs
generated an energy incorporation of 64.5 GWh in
the first nine months of 2009, an increase of 138.0%
over the 27.1 GWh incorporated in the same period
64.5
138%
last year.
27.1
With Inmetro’s certification of the electronic meters
used by one of Light’s suppliers that allow centralized
9M08
9M09
readings, we were able to resume the process of
retrofitting installed meters and installing new meters
in September. Inmetro’s delay in approving and the conditions required for the centralized
9M08
9M09
7
metering system caused the 2009 plan to be restructured. As part of the centralized metering
system, the Company has increased its investments in network modernization by protecting 414
km of the low voltage network as of September, contrary to 2008, when 120 km were replaced.
Light believes that its continuous investment in new metering and network protection
technologies will result in sustainable loss reduction.
Collection
Collection in 3Q09 remained near 100% of the
total billed, reaching a collection rate of 99.7%.
The collection rate of the last 12 months, which
Colletion rate
R$ MM
Billing
Collection
Collection Tax
encompasses the economic crisis that began in
3Q08
1,830
1,834
100.2%
9M09
5,960
5,830
97.8%
9M08
5,712
5,667
99.2%
Collection rate
12 months moving average
September of 2008, was 97.2% of billing, stable
in relation to the index posted in June of 2009.
3Q09
1,797
1,792
99.7%
99.1%
98.2%
The results of delinquency-prevention initiatives,
97.4%
97.2%
Jun-09
Sep-09
96.6%
which focus on the retail and large customers
segments, help maintain this collection level.
The provision for past due accounts (PDD)
constituted in 3Q09 was R$57.9 million, or 3.4%
Sep-08
of the gross billed energy, slightly below the
provision made last quarter. The effect of the
Dec-08
Mar-09
PDD/Gross Revenue (Billed Sales)
4.7%
economic crisis on the collection in the first
3.5%
months of the year impacted the 3Q09 PDD,
3.4%
since, according to the criteria for constituting a
provision in the sector, provisions related to past
due accounts from residential customers should
be constituted 90 days after the due date. In the
3Q08
2Q09
3Q09
first nine months of 2009, the PDD amounted to
R$184.3 million, a decrease of R$4.3 million
compared to the 9M08 provision.
R$ MM
PDD
9M09
184.3
9M08 Variation
188.6
(4.3)
8
Operating Quality
Initiated in 2008, the Company’s investment program aims to increase the reliability of the
distribution system, and the results already achieved this year reflect an improvement in system
quality. The quality indicators returned to pre-program levels even with the increase in the
number of scheduled disconnections—necessary due to the investments made in the network.
The equivalent length of interruption (DEC) index for the 12-month period ending in September
of 2009 was 8.96 hours, compared to 11.52 hours in the same period of last year. The
equivalent frequency of interruption (FEC) index for the 12 months ending in September of 2009
was 5.75 hours, compared to 7.06 hours in the same period of the previous year. The 2009
mark was even lower than the 2007 FEC index.
Investments made since 2008 in important projects like the replacement of the conventional
network with space cable (compressed MT network) and installation of remotely commanded
keys to reduce interruption times, together with a reduction in planned disconnections, were
instrumental to improving our indicators. These investments include improving electricity supply
quality, increasing distribution network capacity and protecting the network, and amounted to
R$115.3 million in 9M09, compared to R$64.0 million in 9M08. The electrical system
maintenance plan is being monitored by a specific SAP system module, providing better
management
and
positively impacting the
service continuity.
ELC / EFC - 12 Months
8.38
ELC
8.96
11.52
6.24
7.06
5.75
EFC
Sep-09
Sep-08
Sep-07
ELC – Equivalent Length of Interruption per Consumption Unit (hs)
EFC – Equivalent Frequency of Interruption per Consumption Unit (n.)
Generation
Energy sold on the Regulated (ACR) and Free Contract (ACL) markets in 3Q09 was 1,035.1
GWh and 118.7 GWh, respectively. In the ACR, the volume of energy sold was 5.2% lower than
in the same period in 2008, resulting mainly from the end of the contract for an 11.88 average
MW product of the 2006/08 existing energy auction held in 2005, resold in the ACL, which
resulted in a 22.1% increase over 3Q08. The 125.9% increase in the volume of energy sold on
the spot market in 3Q09 chiefly resulted from: (i) the increase in hydroelectric generation within
the interconnected system, due to the higher hydrological level; and (ii) the contract seasonality.
9
In 9M09, a total of 3,686.2 GWh was sold, a volume 0.8% higher than that posted in the same
period last year.
LIGHT ENERGIA (GWh)
3Q09
1,035.1
3Q08
1,092.0
Free Contracting Environment Sales
118.7
Spot Sales (CCEE)
Total
102.1
1,255.9
Regulated Contracting Environment Sales
%
-5.2%
9M09
3,088.3
9M08
3,173.2
%
-2.7%
97.2
22.1%
325.0
305.0
6.6%
45.2
125.9%
272.9
177.6
53.6%
1,234.4
1.7%
3,686.2
3,655.8
0.8%
Trading and Services
In the third quarter of 2009, Light Esco sold 144.5 GWh directly, a 22.1% increase in trading
volume compared to 3Q08. This increase is explained by the greater availability of energy for
resale at the trading company due to the expansion of its contract portfolio.
In addition to direct sales, Light Esco also continued to provide consulting services and
represent free clients before the CCEE. These activities included operations of around 275.0
GWh and 8 clients.
Year-to-date, Light Esco traded 396.6 GWh, a 7.8% increase in relation to the same period of
2008. This result reflects the increase in traded energy as of the second quarter of 2008.
Currently, Light Esco has 59 energy sale customers, 51 of which use the Company’s trading
services and 8 of which use its consulting and contract intermediation (brokerage) services. In
Semptember 2008, it had 55 customers.
As to the service activity, Light Esco has been developing major projects for setting up service
drops, substations, cold water centers and energy efficiency projects for customers such as TV
Globo, Fiocruz and Petrobras, with a total revenue of approximately R$60 million, in the period
between January of 2008 and June of 2010.
The contract with Petrobras signed in October of 2009 covers the installation of the
underground transmission lines necessary to supply 138 KV of primary voltage power to the
Leopoldo Américo Miguez de Melo Research and Development Center (Cenpes) and to the
Integrated Data Processing Center (CIPD), located on Ilha do Fundão in Rio de Janeiro.
Volume (GWh)
Trading
Broker
Total
3Q09
144.5
275.0
419.5
3Q08
118.3
315.0
433.3
Var.%
9M09
9M08
22.1%
396.6
368.0
-12.7%
811.0 1,038.0
-3.2% 1,207.6 1,406.0
Var.%
7.8%
-21.9%
-14.1%
10
Financial Performance
Net Revenue
Consolidated
In 3Q09, net operating revenue totaled R$1,219.1 million, 6.1% lower than in 3Q08, mainly
impacted by the 6.8% reduction in the distribution company’s net revenue. In the quarter,
revenues from energy generation and trading segments grew 1.2% and 7.3%, respectively,
compared to those recorded in 3Q08. In 9M09, net operating revenue amounted to R$3,929.9
million, stable year-on-year.
Net Revenue (R$ MM)
Distribution
Billed consumption
Non billed energy
Network use (TUSD)
Short-Term (Spot)
Others
Subtotal (a)
3Q09
3Q08
Var. %
9M09
1,079.4
9.6
113.3
10.0
16.2
1,228.6
-3.8%
-34.3%
-29.8%
-14.6%
-23.9%
-6.8%
Generation
Generation Sale(ACR+ACL)
Short-Term1
Others
Subtotal (b)
72.9
1.5
74.3
70.4
1.8
1.3
73.4
3.5%
-100.0%
15.9%
1.2%
204.8
10.5
4.1
219.5
209.9
12.8
3.4
226.1
-2.4%
-17.6%
21.8%
-2.9%
Comercialization
Energy Sales
Others
Subtotal (c)
18.3
3.3
21.5
14.5
5.6
20.1
26.2%
-41.5%
7.3%
48.4
10.1
58.5
54.0
12.5
66.6
-10.5%
-19.1%
-12.1%
Others and Eliminations (d)
(22.2)
(24.1)
(66.8)
(78.7)
1,219.1
1,298.0
-6.1%
3,929.9
3,352.3
(32.3)
316.0
16.9
44.4
3,697.3
Var. %
1,038.6
6.3
79.6
8.6
12.3
1,145.4
Total (a+b+c+d)
3,426.0
(14.0)
252.2
16.2
38.3
3,718.7
9M08
3,911.3
2.2%
-56.6%
-20.2%
-3.8%
-13.6%
0.6%
0.5%
(1) Balance of the settlement on the CCEE
11
Distribution
Net distribution revenue was R$1,145.4 million
Net Revenue by Class - Captive
R$ MM - 3Q09
in the quarter, 6.8% below net revenue in
Others
14%
3Q08. Despite the 0.9% growth in captive
Residential
44%
market consumption, the reduction in revenue
was affected by the end of regulatory asset
referring to Parcel A billing in last June, while
C ommercial
32%
Industrial
10%
in 3Q08 the impact on net revenue was nearly
R$47 million. It is worth noting that the end of
Parcel A billing has no effect on the result,
Electric Energy Consumption GWh - Captive
3Q09
since it was offset by the amortization of
purchased
energy.
Another
factor
that
Others
18%
Residential
40%
contributed to the reduction in revenue was
the drop in energy and demand contracted by
free customers due to the economic slowdown
on
their
operations.
Residential
and
Commercial
32%
Industrial
10%
commercial accounted represent participation
of 76% of captive market revenue.
The distribution company’s net revenue in 9M09 totaled R$3,718.7 million, up 0.6% year-onyear.
It is worth mentioning that, as the market approved by Aneel in the tariff adjustment process did
not take into consideration the energy and demand of CSN, Valesul and CSA due to their
planned migration to the core network, any variation in the market of these customers will have
a neutral effect on the distribution company’s total revenue. Given the lower than expected
consumption of CSN and Valesul in the first nine months of 2009, a regulatory asset was
formed and distributed among other revenue lines, which fully offsets this reduction.
Generation
Net revenue in the quarter was R$74.3 million, 1.2% higher than in 3Q08. This increase was
largely due to the adjustment of energy sale contracts for inflation and to the migration of part of
the non-contracted energy from the ACR to the ACL for a higher price.
In 9M09, net revenue was R$219.5 million, 2.9% lower than in 9M08 as a result of the lower
secondary energy sales volume on the Free and Regulated Contract markets, which together
dropped by 1.9%.
Trading and Services
12
Net revenue in the quarter was R$ 21.5 million, up 7.3% over 3Q08. This increase is primarily
the result of this quarter’s 22.1% rise in the volume of trading sales when compared to 3Q08.
In 9M09, net revenue decreased 12.1% in comparison to 9M08 mainly due to the 68.7%
reduction in the recorded CCEE average energy price (spot) in relation to the same period of
2008.
Costs and Expenses
Consolidated
Consolidated Operating Costs and Expenses
In the third quarter of 2009, operating costs and expenses were in line with those recorded in
3Q08 largely due to the increase in non-manageable distribution costs and expenses, offset by
the reduction in manageable costs and expenses.
Operating Costs and
Expenses (R$ MM)
Distribution
Generation
Comercialization
Others and Eliminations
Consolidated
3Q09
(986.0)
(25.7)
(17.2)
10.9
(1,018.0)
3Q08
(981.6)
(29.2)
(20.2)
15.4
(1,015.7)
(%)
0.5%
-12.0%
-15.2%
-29.3%
0.2%
9M09
9M08
(3,205.7)
(90.4)
(48.1)
32.9
(3,311.2)
(3,071.6)
(90.2)
(55.0)
59.7
(3,157.0)
Var. %
4.4%
0.3%
-12.7%
-44.9%
4.9%
13
Distribution
In 3Q09, costs and expenses of the energy distribution business grew 0.5% over 3Q08, as
shown in the table below. This growth was driven by a 2.2% increase in non-manageable, passthrough costs and expenses in the tariff in spite of a 4.2% decline in manageable costs and
Costs and Expenses (R$ MM)
Non-Manageable Costs and Expenses
Energy Purchase costs
Purchased Energy
Formation Energy CVA
Costs with charges
Charges
Formation Charges CVA
Amortization CVA
Others (Mandatory Costs)
Manageable Costs and Expenses
PMSO
Personnel
Material
Outsourced Services
Others
Provisions
Depreciation
Total Costs and Expenses
3Q09
(729.0)
(603.8)
(639.8)
36.0
(130.7)
(144.8)
14.1
9.2
(3.7)
(257.0)
(119.9)
(42.6)
(3.4)
(59.0)
(14.9)
(67.0)
(70.1)
(986.0)
3Q08
(713.2)
(551.8)
(534.1)
(17.7)
(107.1)
(138.7)
31.6
(48.8)
(5.5)
(268.3)
(123.0)
(42.5)
(3.2)
(67.0)
(10.2)
(74.7)
(70.7)
(981.6)
(%)
2.2%
9.4%
19.8%
22.0%
4.4%
-55.3%
-32.5%
-4.2%
-2.5%
0.1%
5.2%
-11.9%
45.6%
-10.2%
-0.8%
0.5%
9M09
(2,419.8)
(1,931.5)
(2,097.5)
166.0
(402.1)
(431.0)
29.0
(71.4)
(14.8)
(785.9)
(358.3)
(136.0)
(10.3)
(174.2)
(37.8)
(217.6)
(210.1)
(3,205.7)
9M08
Var. %
(2,225.2)
8.7%
(1,764.6)
9.5%
(1,752.3)
19.7%
(12.2) (325.9)
23.4%
(414.3)
4.0%
88.4
-67.3%
(119.4)
-40.2%
(15.4)
-4.3%
(846.4)
-7.1%
(367.0)
-2.4%
(136.9)
-0.7%
(10.3)
0.1%
(186.2)
-6.5%
(33.6)
12.6%
(262.1)
-17.0%
(217.3)
-3.3%
(3,071.6)
4.4%
expenses.
Non-Manageable Costs and Expenses
Purchased Energy - R$ MM
9 Months
In the third quarter of 2009, non-manageable costs
and expenses amounted to R$729.0 million, up 2.2%
2,098
1,752
year-on-year. Energy purchase costs rose 9.4%
23.4%
21.5%
compared to 3Q08, due to the increase in energy
32.6%
costs approved in the latest tariff adjustment.
41.1%
34.2%
40.3%
9M08
AUCTIONS
Expenses related to purchased energy rose 19.8%
NORTE FLU
9M09
ITAIPU SPOT
chiefly as a result of: (i) the Itaipu dollar tariff adjustment by approximately 10% in January
2009, combined with the dollar’s 8.2% variation
Purchased Energy - GWh
9 Months
considering the average rates between the two
quarters; (ii) TPP Norte Fluminense (Norte Flu) 20.8%
average
price
increase
reflecting
the
higher
compensatory surcharge for gas (gas CVA) impacted
by the dollar’s appreciation; (iii) the approximately
1%
19,353
3%
22%
20,027
3%
21%
25%
24%
49%
51%
2%
6.4% increase in auction contracts in Nov/08 affected
by 6.0% inflation in the period (IPCA - Nov07 to
9M08
AUCTIONS
9M09
NORTE FLU
ITAIPU
SPOT
PROINFA
Oct/08) and the introduction of new products in the 1st
and 2nd thermal (T-15) and hydro (H-30) energy auctions; and (iv) the energy purchase in the
2009 adjustment auction (Mar/09 to Dec/09), whose cost this quarter was R$145.7/MWh.
The average purchased energy cost excluding spot purchases increased 18.1% from
R$90.5/MWh in 3Q08 to R$106.9/MWh in 3Q09.
14
Charges grew 22.0% in 3Q09 over 3Q08, chiefly due to thermoelectric plant dispatch in 2008
that resulted in increased System Service Charges (ESS) for distribution companies.
In 9M09, non-manageable costs and expenses totaled R$2,419.8 million, increasing 8.7% yearon-year. Energy purchase costs rose 9.5% over 9M08 as the combined effect of approved
increased energy purchase costs and the greater volume of purchases this year. Charges
increased 23.4% between the periods.
Manageable Costs and Expenses
Manageable operating costs and expenses (personnel, materials, outsourced services,
provisions, depreciation and others) totaled R$257.0 million in 3Q09, a 4.2% drop between the
periods. This result is mainly explained by lower expenses with third-party services and
provisions, down 11.9% and 10.2%, respectively, over 3Q08.
Costs and expenses with staff, equipment, services and others (PMSO) amounted to R$119.9
million in 3Q09, down 2.5% over the R$123.0 million recorded in 3Q08. This result was mainly
driven by the 11.9% decrease in expenses with third-party services, especially consulting
services, totaling R$8.0 million.
This quarter, provisions for contingencies and others (PDD) totaled R$67.0 million, down 10.2%
year-on-year, mostly due to constitution of a R$34.5 million non-recurring provision related to an
adjustment in the calculation of the provision for past-due installment payments. In 3Q09, we
provisioned R$57.9 million for past due accounts, representing 3.4% of gross billed energy,
versus R$81.0 million or 4.7% of gross billed energy in 3Q08, impacted by the aforementioned
non-recurring provision.
From January to September 2009, manageable operating costs and expenses totaled R$785.9
million, a 7.1% drop compared to the same period of 2008, showing that the Company
continues to seek high productivity indexes.
Generation
In 3Q09 Light Energia’s costs and expenses were R$25.7 million, 12.0% lower than in 3Q08.
This reduction was mainly driven by the 37.8% fall in CUSD/CUST (use of the
distribution/transmission system) costs due to the end of the collection of charges for core
network use as of July, which totaled R$3.9 million in 3Q08.
Costs and expenses in 3Q09 were as follows: CUSD (use of the distribution system, 26.4%),
personnel (16.0%), materials and third-party services (12.8%), others and depreciation (44,7%).
In 3Q09, the PMSO cost per MWh was R$10.87/MWh, while in 3Q08 this cost was
R$10.17/MWh.
15
In 9M09, Light Energia’s costs and expenses were R$90.4 million, at the same level of those
recorded in the same period last year.
Operating Costs and Expenses - R$ MM
Personnel
Material and Outsourced Services
Purchased Energy (CUSD)
Depreciation
Others (includes provisions)
Total
3Q09
(4.1)
(3.3)
(6.8)
(6.0)
(5.5)
(25.7)
3Q08
(4.3)
(2.8)
(10.9)
(6.2)
(5.0)
(29.2)
(%)
-3.8%
17.5%
-37.8%
-3.0%
10.2%
-12.0%
9M09
(13.0)
(9.9)
(30.1)
(18.2)
(19.2)
(90.4)
9M08
(13.8)
(9.0)
(31.8)
(18.8)
(16.8)
(90.2)
Var. %
-5.8%
10.1%
-5.3%
-3.2%
14.3%
0.3%
Trading and Services
In 3Q09, costs and expenses totaled R$17.2 million, 15.2% below those recorded in the same
period last year. That decline resulted primarily from the cost of purchased energy, which
dropped 28.8% percent year-on-year, due to: (i) recognition in 3Q08 of R$4.2 million in
purchased energy costs associated with revenues from sales recorded in 2Q08 and (ii) lower
CCEE energy prices (spot) in the period, more than offsetting the need to increase purchased
energy volume to meet the demands of the distribution company’s contracts.
In 9M09, costs and expenses totaled R$48.1 million, a 12.7% reduction compared to 9M08,
especially due to the 24.4% fall in energy purchase costs in the period, a reflection of the
reduction in the spot price amounts in relation to the same period of 2008.
Operating Costs and Expenses - R$ MM
Personnel
Material and Outsourced Services
Purchased Energy
Depreciation
Others (includes provisions)
Total
3Q09
(0.2)
(3.9)
(12.7)
(0.2)
(0.2)
(17.2)
3Q08
(0.5)
(1.6)
(17.9)
(0.2)
(0.1)
(20.2)
(%)
-63.6%
148.8%
-28.8%
-26.1%
71.9%
-15.2%
9M09
(1.1)
(8.2)
(37.9)
(0.5)
(0.4)
(48.1)
9M08
(1.4)
(2.6)
(50.2)
(0.6)
(0.3)
(55.0)
Var. %
-22.7%
217.8%
-24.4%
-26.0%
46.4%
-12.7%
16
EBITDA
Consolidated
Consolidated EBITDA dropped 22.8% year-on-year, totaling R$277.3 million in the third quarter
of 2009. This result is mainly due to the reduction in the distribution company’s EBITDA, a
reflection of the November 2008 tariff adjustment process combined with the decreased
consumption that particularly affected the demand of customers from the industrial segment.
The consolidated EBITDA margin fell 5.0 p.p. between the periods from 27.7% in 3Q08 to
EBITDA - 3Q09/3Q08 - R$ mn
359
(89)
(1)
8
277
Provisions
EBITDA - 3T09
-22.8%
EBITDA - 3T08
Net Revenue
Manageable Costs
(PMSO)
22.7% this quarter.
In 9M09, EBITDA stood at R$847.5 million, down 14.5% compared to 9M08. The EBITDA
margin for the nine-month period was 21.6%. The share of the distribution segment EBITDA in
the consolidated EBITDA was 82.0% in 9M09. The generation and trading segments were
responsible for 16.7% and 1.2% of consolidated EBITDA, respectively.
Consolidated EBITDA- R$ MM
Distribution
Generation
Commercialization
Others and eliminations
Total
Margem EBITDA (%)
EBITDA per segment *
9M09
3Q09
3Q08
Var.%
9M09
229.5
317.7
-27.7%
723.1
Distribution
54.682.0% 50.4
8.3%
147.3
4.5
0.0 10.9
(11.4)
(8.8)
29.5%
(33.8)
277.3
359.4
-22.8%
847.5
Generation
22.7%
27.7%
21.6%
Trading
16.7%
9M08
843.0
154.7
12.2
(19.2)
990.7
25.3%
Var.%
-14.2%
-4.8%
-10.2%
75.9%
-14.5%
-
1.2%
17
Distribution
The distribution company’s EBITDA in 3Q09 totaled R$229.5 million, 27.7% below the same
period last year. This result may be explained mainly by: (i) the reduction in the regulatory
EBITDA resulting from the latest tariff adjustment, approved in November of 2008 whereby the
scale gains obtained during the first cycle (2003 to 2008) are fully passed through to
consumers; and (ii) the reduction in consumption and demand of free customers, which affected
the revenue for the quarter. As a result, the EBITDA margin in 3Q09 was 20.0%, 5.8 p.p. lower
than that of 3Q08.
In 9M09, EBITDA was R$723.1 million, down 14.2% compared to the same period of 2008, with
a 19.4% margin. This reduction is chiefly the result of the market contraction as from the second
quarter and the effect of the tariff adjustment conducted in November 2008.
Generation
Light Energia’s EBITDA grew 8.3% year-on-year, totaling R$54.6 million in 3Q09. This increase
resulted primarily from the 37.8% drop in CUSD/CUST (use of distribution/transmission system)
costs due to the elimination of the core network usage fee as of July, which totaled R$3.9
million in 3Q08. The EBITDA margin this quarter was 73.5%, 4.8 p.p. higher than in 3Q08.
In 9M09, EBITDA was R$147.3 million, contracting 4.8% compared to 9M08 as a result of the
2.9% reduction in net revenue, resulting from the decision to allocate a larger volume of energy
to the second quarter combined with the 68.7% reduction in average energy price (spot)
between the periods. The EBITDA margin in the first nine months of the year was 67.1%, down
1.3 p.p. compared to 9M08.
Trading and Services
EBITDA in 3Q09 came to R$4.5 million, compared to the negative R$33 thousand recorded in
3Q08, a figure that resulted from recording R$4.2 million in purchased energy costs in that
period separately from revenues from the sale of that energy, which took place the previous
quarter. EBITDA margin in 3Q09 stood at 21.0%.
In 9M09, EBITDA was R$10.9 million, 10.2% below that of 9M08 due to the 12.1% drop in net
revenue, largely impacted by the 68.7% reduction in the recorded CCEE average energy price
(spot) in relation to the same period of 2008, despite the 12.5% decrease in costs and expenses
excluding depreciation. The EBITDA margin in 9M09 was 18.7%, 0.4 p.p. above that of 9M08.
18
Consolidated Financial Result
Financial Result - R$ MM
Financial Revenues
Income - financial investments
Monetary and Exchange variation
Swap Operations
Others Financial Revenues
Financial Expenses
Interest over loans and financing
Monetary and Exchange variation
Braslight (private pension fund)
Swap Operations
Others Financial Expenses
Subtotal
PIS/COFINS Provisions Reversal
Total
3Q09
42.3
17.2
3.5
(1.8)
23.3
(94.2)
(52.4)
(17.2)
(22.3)
(3.6)
1.3
(51.9)
3Q08
56.2
21.1
7.6
2.9
24.6
(160.6)
(55.2)
(65.6)
(38.7)
6.5
(7.6)
(104.4)
-
-
(51.9)
(104.4)
(%)
-24.8%
-18.4%
-53.6%
-5.3%
41.3%
5.2%
73.8%
42.4%
50.3%
9M09
127.8
45.1
24.5
(10.0)
68.3
(216.0)
(151.5)
(27.3)
(42.8)
(6.1)
11.7
(88.2)
50.3%
9M08
205.6
46.5
34.2
4.5
120.4
(405.2)
(156.1)
(93.2)
(125.0)
(2.2)
(28.8)
(199.7)
(%)
-37.8%
-3.0%
-28.5%
-43.3%
46.7%
2.9%
70.7%
65.8%
-184.5%
55.8%
-
432.4
-
(88.2)
232.7
-
The 3Q09 financial result came to negative R$51.9 million, a 50.3% improvement compared to
the negative R$104.4 million recorded in the 3Q08. Financial revenues totaled R$42.3 million,
down 24.8% year-on-year, influenced primarily by: (i) lower yield on financial investments
caused by the drop in the CDI rate between the periods; (ii) currency variation on additional
Parcel A costs for the rationing period, whose amortization ended in June of 2009, and (iii)
variation in the swap result, attributable to the real’s appreciation against the dollar and the
reduction in foreign exchange exposure.
Financial expenses in 3Q09 totaled R$94.2 million, down 41.3% over 3Q08, largely due to: (i)
the R$24.1 million decrease in the exchange rate variation due to the Brazilian real’s
devaluation in 3Q08; (ii) the decreased monetary restatement of Braslight’s4 liabilities as a result
of a lower inflation rate (IPCA in 3Q09 and IGP-DI in 3Q08), to which the balance of our debt is
indexed. This quarter’s adjustment index was 0.75% compared to 2.64% in 3Q08; and (iii) the
Present Value Adjustment of long-term receivables, in other financial expenses, which in 3Q08
was negative R$9.5 million and in 3Q09 was positive R$4.6 million.
The year-to-date financial result came to negative R$88.2 million, compared to a positive
financial result for the same period in 2008, due to the non-recurring effect of the reversal of
provisions for the expansion of the PIS/COFINS calculation base that had a positive impact of
R$432.2 million in 2Q08. Excluding that effect, the result for that period would have been
negative R$199.7 million. When the non-recurring PIS/COFINS effect is excluded, the recurring
9M09 financial result is 55.8% higher than the 9M08 result.
4
Until May 2009 these were adjusted according to the IGP-DI variation (with a one month lag) and
actuarial interest of 6% p.a. Since June of 2009, they have been adjusted according to the IPCA
(Extended Consumer Price Index, with a one month lag) as a replacement to the IGP-DI.
19
Indebtedness
R$ MM
Brazilian Currency
Debenture 1st Issue
Debenture 4th Issue
BNDES Rationing
Debenture 5th. Issue
CCB Bradesco
ABN Amro
Promissory Notes
Financial operations "Swap"
Others
Foreing Currency
National Treasury
Import Financing
BNDES Import Fin.
Gross Debt
Cash
Net Debt (a)
Braslight (b)
Net Regulatory Asset (c)
Adjusted Net Debt (a+b-c)
Short Term
311.7
7.8
0.0
73.9
10.0
84.3
51.0
80.7
1.2
2.7
21.6
17.5
3.3
0.8
%
13.0%
0.3%
0.0%
3.1%
0.4%
3.5%
2.1%
3.4%
0.0%
0.1%
0.9%
0.7%
0.1%
0.0%
Long Term
1,971.0
333.2
13.9%
2,065.6
0.1
886.7
295.4
330.5
450.0
4.7
3.7
94.6
93.9
0.7
94.5
-6.6
910.5
267.5
%
Total
69.9% 2,282.7
7.8
0.0%
0.1
37.0%
960.6
305.4
13.8%
414.8
18.8%
501.0
80.7
0.2%
5.9
0.2%
6.4
3.9%
116.2
3.9%
111.4
0.0%
4.0
0.8
%
95.2%
0.3%
0.0%
40.0%
12.7%
17.3%
20.9%
3.4%
0.2%
0.3%
4.8%
4.6%
0.2%
0.0%
86.1% 2,398.8
903.1
1,495.7
1,005.0
260.9
2,239.9
100.0%
The Company’s gross debt on September 30, 2009 was R$2,398.8 million, up 8.2% compared
to the figure on June 30, 2009, mainly as a result of the funds raised with debentures in the
amount of R$300 million in 3Q09, and of the amortization of promissory notes in the amount of
R$100 million. Compared to the position on September 30, 2008, the Company’s gross debt
rose 9.7%, corresponding to a variation of R$211.8 million.
This growth is mainly the result of R$532.0 million in new
Net Debt (ex-Braslight)
(R$ million)
debt contracted in the last 12 months, whose primary
1,647
purpose was to finance investment projects. Considering
amortizations of approximately R$141 million in the period,
1,496
1,321
net funds raised totaled R$391 million.
Sep-08
The R$1,495.7 million net debt dropped 9.2% compared
to June of 2009 due to the Company’s strong cash
Jun-09
Sep-09
Indebtedness
(Brazilian Currency x Foreign)
7.0%
5.1%
4.8%
93.0%
94.9%
95.2%
Sep-08
Jun-09
generation, directly impacted by the high funding levels.
On the other hand, net debt rose 13.2% compared to
September of 2008 mainly as a consequence of the
payment of dividends in April of 2009 in the amount of
Brazilian Currency
Sep-09
Foreign Currency
R$407.9 million. The net debt/EBITDA ratio decreased
from 1.2x in June 2009 to 1.1x in September 2009.
Our debt position continues to be comfortable, with an average term to maturity of 3.8 years and
a downward trend in the average cost of real-denominated debt, which was 0.3 p.p. cheaper
than in June 2009, now at 10.1% p.a. The average cost of foreign currency debt of US$+5.3%
p.a. remained stable when compared to June 2009. At the end of September, only 4.8% of total
debt was denominated in foreign currency, and considering the effect of foreign currency
20
hedging operations our net exposure decreases to 2.8% of the total, a drop of 1.0 p.p. in
relation to June of 2009. Our hedge policy consists of protecting the cash flow falling due within
the next 24 months (principal and interest) through the use of non-cash swap instruments with
premier financial institutions.
Net Income
Light posted net income of R$67.4
Net Income
3Q09
million this quarter, down 67.0%
compared to 3Q08. This result is
204.0
94.4
mainly a result of the exchange
109.6
-11.4%
97.1
29.7
67.4
Net effect offshore
exchange rate
variation
Net income
3Q09
rate variation on Light SESA’s
liabilities
with
the
offshore
company LIR, which increased
Net Income
3Q08 - Pro
forma
income and social contribution
Net effect offshore
exchange rate
variation
Net income
3Q08 - w/out
non-recurring
effects
Net income
3Q09 - w/out
non-recurring
effects
taxes by R$29.7 million in 3Q09
and reduced by R$94.4 million in
Net Income
Acumulated
688.8
285.4
recurring effects of both quarters,
49.5
353.9
2.9%
364.3
118.4
net income for 3Q09 would be
125.6
357.1
Net income
9M09
non-
Net effect offshore
exchange
rate
variation
the
Tax credits
Disregarding
Net income
3Q09 w/out nonrecurring
effects
3Q08.
Net income
3Q08 w/out nonrecurring
effects
Net effect offshore
exchange
rate
variation
graph to the right.
PIS/COFINS
- net effect
in 3Q08, as demonstrated in the
Net Income
9M08 - Pro
forma
R$97.1 million, 11.4% lower than
Net income in 9M09 came to
R$357.1 million, compared to R$688.8 million in 9M08. In addition to the above-mentioned nonrecurring effect that impacted both periods, the year-to-date result was also affected by the
recognition of non-recurring tax credits, which had a positive impact of R$118.4 million in 9M09,
in contrast with the non-recurring recognition of a reversal of provisions for the expansion of the
PIS/COFINS calculation base in 9M08. Excluding those effects, net income in 9M09 would have
been R$364.3 million, 2.9% higher than the 9M08 figure.
Capital Expenditures
CAPEX (R$ MM)
In 9M09, the Company invested R$352.8 million in
investment projects, including the development of
distribution
networks
(new
connections,
375.3
capacity
22.2
0.2
18.3
352.8
29.4
2.3
20.8
increases and repairs), totaling R$93.9 million, and
quality
improvements
preventive
(structural
maintenance),
which
optimization
absorbed
and
334.7
300.2
R$48.2
million; and loss-prevention initiatives totaling R$111.1
9M08
Distribution
Administration
9M09
Generation
Commercial.
21
million. In the generation segment, investments totaled R$20.8 million, chiefly allocated to
maintenance of the existing generation complex.
Investments in property, plant and equipment totaled R$428.3 million in 9M09, including the
financial charges originating from the Company’s loans with financial institutions, the accounting
effect of monetary restatement of use of public property from the Itaocara Plant, provided for in
the Plant’s concession agreement, and materials in inventory that have not yet been activated.
Projects for Expansion of the Generation Capacity
3Q09 was marked by the following events related to the development of projects for expansion
of Light’s generation capacity:

On October 29, 2009 the contract for the construction of Paracambi SHPP was signed
with the EPC consortium comprised of the companies Orteng Equipamentos e Sistemas Ltda
and Construtora Quebec Ltda. The total cost of this project, which was approved at the Board of
Directors Meeting on August 7, is approximately R$195 million, and a service order for
construction has already been generated, with commercial operations expected to begin in
August of 2011.

Also in October, Light entered into an agreement with BNDES Carta-Consulta to finance
up to 70% of the investment in the Paracambi SHPP, and bank approval of the final terms is
expected by the end of 2009.

Bids have been requested to choose the company that will build the supply system for
the Lajes SHPP, and construction is expected to start in November.
In addition to these projects, the Company is considering participation in other generation
projects, which together ensure the increase of installed generation capacity by at least 50%;

Light is considering participating in the wind energy auction to be held in December.
This clean energy source is consistent with the Company’s established sustainability criteria.
22
Cash Flow
R$ MM
Cash in the Beginning of the Period (1)
Net Income
Provision for Delinquency
Depreciation and Amortization
Net Interests and Monetary Variations
Braslight
Atualization / provisions reversal
Others
Net Income Cash Basis
Working Capital
Regulatories (RTE, CVA e Bubble)
Contingencies
Taxes
Others
Cash from Operating Activities (2)
Dividends Payment
Finance Obtained
Debt Service and Amortization
Financing Activities (3)
Share Participations
Concession Investments
Assets Alienation
Investment Activities (4)
Cash in the End of the Period (1+2+3+4)
Cash Generation (2+3+4)
3Q09
569.6
67.4
57.9
76.3
68.4
22.3
11.3
20.0
323.6
(31.2)
(5.8)
(2.9)
101.0
(20.9)
364.0
300.0
(182.0)
118.0
(149.1)
0.6
(148.5)
903.1
333.5
3Q08
442.6
204.0
81.0
77.0
92.0
38.7
(6.4)
(2.9)
483.4
(11.5)
(1.7)
(27.2)
25.4
(7.2)
461.4
174.1
(63.7)
110.4
(148.9)
(148.9)
865.5
422.9
9M09
590.1
357.1
184.6
228.7
157.1
42.8
34.8
29.7
1,034.8
(140.2)
83.6
(54.9)
158.2
(59.9)
1,021.6
(407.9)
423.9
(343.6)
(327.6)
(388.6)
7.6
(381.0)
903.1
313.0
At the end of September, Light’s cash position stood at R$903.1 million, up from its position at
the end of the same period of 2008. Cash generation for the period was R$333.5 million, driven
primarily by the operational result of R$364.0 million and the financial activities that added
another R$118.0 million.
That result was primarily due to the lower year-on-year cash basis net income recorded in
3Q09, which in turn resulted primarily from the impact of exchange variation on Light SESA’s
debt related to LIR offshore. The variation in the tax line was due mainly to the adjustment in
provisioning between ICMS recoverable and payable affecting this quarter and provisioning in
IR recoverable on the LIR result. The net result between financing obtained and loan and
financing payments remained in line with previous semesters.
Net cash used in investing activities in the quarter remained at the same level in relation to the
same period of 2008.
Corporate Governance and the Capital Markets
23
On September 30, 2009, the capital stock of Light S.A. was comprised of 203,934,060 common
shares with no par value. The controlling group, Rio Minas Energia (RME), retains 52.1% of the
Country´s
biggest
individual
electricity
distributor
Andrade Gutierrez
Group´s division that
invests in public
services concession
CEMIG
Companhia Energ ética
de Minas Gerais
AGC
Andrade Gutierrez
Concessões
25%
Brazilian private
investors group
(includes Brasligt)
LUCE
LUCE do Brasil
Fundo de Investimento
em Participações
25%
Holding that
controls
CEMAR.
EQUATORIAL
Equatorial Energia
25%
25%
RME
Rio Minas Energia
Participa ções S.A.
52.1%
Free Float : 47.9%
24.4%
BNDESPAR
LIGHT S.A.
23.5%
MARKET
capital stock.
On July 14, 2009, Light S.A. held a public stock offering consisting of 29,470,480 shares. Of
that total, 16,079,135 shares were held by BNDESPar and 13,391,345 shares belonged to
EDF. On August 11, 2009, Banco Itaú BBA, which coordinated the offering, fully exercised the
option to acquire an over-allotment of 2,700,000 shares held by BNDESPar. Therefore, the total
number of shares offered was 32,170,480, of which 18,779,135 shares belonged to BNDESPar
and 13,391,345 shares belonged to EDF. The total number of shares sold represented 15.8% of
the Company’s capital stock.
The Company's shares have been listed on Bovespa's Novo Mercado since July of 2005,
adhering to the best corporate governance practices and the principles of transparency and
equity, in addition to granting special rights to minority shareholders. Light S.A.’s shares are
listed on the Ibovespa, Itag, IGC, IEE, IBrX and ISE indexes.
Light’s Board of Directors is composed of 11 members, 2 of whom are elected independently.
The following five committees support the Board of Directors: Finance, Management, Audit,
Human Resources, and Governance and Sustainability.
At its November 6, 2009 meeting, the board of directors approved a dividend payment of
R$94,729,799.90, equal to R$0.46 per share, based on the profit reserve account balance as of
December 31, 2008, generating a dividend yield of 1.79% relative to the closing balance on
November 6, 2009. Ex-dividend trading of the shares will begin on November 9, 2009. Taken
together, the first dividend distribution of R$2.00 per share effected April 2, 2009, and the
24
second payment of R$0.45 per share scheduled for November 27, 2009, represent a total
dividend yield of 11.49% and a 62.7% payout of the net income for the 2008 fiscal year.
In late July, 2009, Light SESA finalized its sixth issue of non-convertible debentures, as
approved at the general shareholders meeting held on May 27, 2009. The issue totaled R$300
million and has a return rate of 115% of the CDI, as set forth in the book building process. The
proceeds from the issue will be used primarily for early redemption of R$100 million in
promissory notes issued by Light SESA, in addition to reinforcing the Company’s working
capital.
The general shareholders meeting held September 2, 2009 voted to approve a new version of
Light S.A.’s bylaws, which included changes to Articles 12, 13 and 14, as well as the addition of
Article 15, which specifies the requirements and duties of the board of executive officers.
At the end of the quarter, Light’s stock had depreciated 8.3%, with an average daily trading
volume of R$27.7 million, four times higher than that of 2Q09. The IEE (Bovespa’s Electric
Power Index) was up 9.3% in the same period. The graph below shows the performance of
Light’s stock since RME took control on August 10, 2006.
BOVESPA (spot market) - LIGT3
Daily Average
Number of shares traded (Million)
Number of Transactions
Traded Volume (R$ Million)
Quotation per lot of 1000 shares:
Share Valuing
IEE Valuing
Ibovespa Valuing
3Q09
1,123.8
1,587
$27.7
$24.7
-8.3%
9.3%
19.5%
2Q09
286.3
691
$6.9
$27.0
21.5%
6.6%
25.8%
3Q08
248.6
483
$5.8
$23.7
3.0%
-14.5%
-23.8%
25
Au
Seg-0
O p- 6
N ct-006
o
D v-06
e
Jac-06
Fe n-06
M b- 7
a 0
A r-07
M pr - 7
a 0
Ju y-07
J n-07
Auul-07
Seg-07
O p- 7
N ct-007
o
D v-07
e
Jac-07
Fe n-07
M b- 0 8
a
A r- 8
M pr-08
a 0
Ju y-08
8
J n-0
Auul-08
Seg- 8
0
O p-08
N ct-08
Dov- 8
e 0
Jac-08
F e n- 8
M b-009
a
A r- 9
M pr-09
a 0
Ju y-09
9
J n-0
Auul-09
Seg- 9
0
O p-09
ct 9
-0
9
10/08/06 = 100 until 30/10/09
Light x Ibovespa x IEE
260
240
R$/share
08/10/06
11.67
10/30/09
24.57
2008
IEE
-12%
IBOV -41%
LIGT3 -14%
2009
IEE
44%
IBOV 64%
LIGT3 24%
220
200
111% Light
180
160
85% IEE
65% Ibovespa
140
120
100
80
26
Recent Events

“Best Companies for Shareholders 2009” Award: On October 14, 2009, Light placed third in
its market value category (R$5 billion to R$15 billion) in Capital Aberto magazine’s “Best
Companies for Shareholders 2009” award. The purpose of the award is to recognize companies
that stood out in terms of the following criteria from June of 2008 to June of 2009: liquidity,
economic result, stock appreciation, corporate governance and sustainability.

BNDES financing approved: In its meeting held on October 16, 2009, the Board of Directors
approved the following: (i) a total of R$541 million in BNDES financing for the 2009-2010
Investment Plan for Light SESA and Light Energia, (ii) R$533 million in BNDES financing for
Light Esco through a special Proesco financing line for implementation of its energy efficiency
project.

Tariff Review: New energy tariffs resulting from the Company’s second tariff review cycle
take effect November 7, 2009. On October 13, 2009, ANEEL granted final approval of the
review. The ANEEL review resulted in the following: (i) the tariff repositioning index was set at
2.06%, (ii) the reference company now has R$583 million, (iii) annual investments have been
reduced to R$364 million, (iv) non-technical losses, previously calculated over the grid load, will
now be figured on the low voltage market, with a downward trend expected through the end of
the tariff cycle. The new starting point for non-technical losses is 38.98% and the final point is
31.82% of the low voltage market.

Tariff Readjustment: On November 4, 2009, ANEEL approved a 5,65% average
readjustment of Light’s tariffs for the period beginning November 7, 2009. The readjustment
affects all client types (residential, industrial, commercial and others). The readjusted rate,
applicable to tariffs between November 7, 2009, and November 6, 2010, is comprised of two
components: the structural component, comprised of the tariff, newly adjusted by 0,88%; and
the financial component, which is valid for the period of one year, which was adjusted positive of
4,77%. See Appendix VI

“NEW REFIS” Application: On November 6, 2009, the Board of Directors approved the
application of Light Serviços de Eletricidade S/A to the “New Refis”, as set by Law 11,941/2009,
resulting on the installment of fiscal debts up to 180 months.
Disclosure Program
27
Schedule
Teleconference
11/12/2009, Thursday, at 2:00 p.m. (Brasília) and at 11:00 a.m. (Eastern time),
with simultaneous translation to English
Access conditions:
Webcast: link on site www.light.com.br (portuguese and english)
Conference Call - Dial number:
Brazil: (55) 11 - 2188 0188
USA: +1 866 890 2584
Other countries: (55) 11 - 2188 0188
Access code: Light
Disclaimer
The information on the Company’s operations and its Management’s expectations regarding its future performance was
not revised by independent auditors.
Forward-looking statements are subject to risks and uncertainties. These statements are based on the beliefs and
assumptions of our Management and on information currently available to the Company. Statements about future
events include information about our intentions, beliefs or current expectations, as well as those of the Company's
Board of Directors and Officers. Reservations related to statements and information about the future also include
information about operating results, likely or presumed, as well as statements that are preceded by, followed by, or
including words such as "believes," "might," "will," "continues," "expects," "estimates," "intends," "anticipates," or similar
expressions. Statements and information about the future are not a guarantee of performance. They involve risks,
uncertainties and assumptions because they refer to future events, thus depending on circumstances that may or may
not occur. Future results and creation of value to shareholders might significantly differ from those expressed or
suggested by forward-looking statements. Many of the factors that will determine these results and values are beyond
LIGHT S.A.'s control or forecast capacity.
28
APPENDIX I
Statement of Income by Company - R$ million
LIGHT SESA
Operating Revenue
Deductions from the operating revenue
Net operating revenue
Operating expense
Operating result
EBITDA
Equity equivalence
Financial Result
Other Operating Incomes
Other Operating Expenses
Result before taxes and interest
Net Income
EBITDA Margin
3Q09
1,856.6
(711.2)
1,145.4
(986.0)
159.4
229.5
(52.2)
6.2
(1.2)
112.3
41.8
20.0%
3Q081
1,908.1
(679.5)
1,228.6
(981.6)
247.0
317.7
(80.6)
2.2
(4.2)
164.4
196.8
25.9%
%
-2.7%
4.7%
-6.8%
0.5%
-35.5%
-27.7%
35.2%
178.4%
-72.8%
-31.7%
-78.8%
-
9M09
6,080.3
(2,361.6)
3,718.7
(3,205.7)
513.0
723.1
(88.3)
13.8
(6.3)
432.3
296.6
19.4%
9M081
5,840.9
(2,143.6)
3,697.3
(3,071.6)
625.8
843.0
269.6
18.7
(8.5)
905.5
630.4
22.8%
%
LIGHT ENERGIA
Operating Revenue
Deductions from the operating revenue
Net operating revenue
Operating expense
Operating result
EBITDA
Equity equivalence
Financial Result
Other Operating Incomes
Other Operating Expenses
Result before taxes and interest
Net Income
EBITDA Margin
3Q09
79.8
(5.5)
74.3
(25.7)
48.6
54.6
(4.3)
1.1
45.4
29.8
73.5%
3Q08
83.6
(10.1)
73.4
(29.2)
44.2
50.4
(24.0)
20.2
13.2
68.7%
%
-4.5%
-46.2%
1.2%
-12.0%
9.9%
8.3%
81.9%
124.4%
125.2%
-
9M09
245.3
(25.8)
219.5
(90.4)
129.1
147.3
(5.7)
1.5
124.8
82.2
67.1%
9M08
257.6
(31.5)
226.1
(90.2)
135.9
154.7
(37.5)
98.5
64.6
68.4%
%
-4.8%
-18.0%
-2.9%
0.3%
-5.1%
-4.8%
84.7%
26.8%
27.2%
-
LIGHT ESCO
3Q09
3Q08
%
9M09
22.4
24.7
-9.6%
68.3
Operating Revenue
(0.8)
(4.7)
-82.4%
(9.8)
Deductions from the operating revenue
21.5
20.1
7.3%
58.5
Net operating revenue
(17.2)
(20.2)
-15.2%
(48.1)
Operating expense
4.4
(0.2)
10.5
Operating result
4.5
0.0
10.9
EBITDA
Equity equivalence
0.2
0.1
0.6
Financial Result
44.4%
Other Operating Incomes
Other Operating Expenses
4.5
(0.0)
11.0
Result before taxes and interest
2.8
(0.1)
7.0
Net Income
21.0%
18.7%
EBITDA Margin
1
Figures are presented pro forma as explained on exhibit V, where the adjustments are detailed
9M08
80.6
(14.0)
66.6
(55.0)
11.5
12.2
0.5
12.1
7.2
18.3%
%
-15.3%
-30.4%
-12.1%
-12.7%
-9.3%
-10.2%
10.5%
-8.5%
-3.1%
-
4.1%
10.2%
0.6%
4.4%
-18.0%
-14.2%
-26.2%
-26.5%
-52.3%
-53.0%
-
29
APPENDIX II
Statement of Consolidated Income
Consolidated - R$ MM
OPERATING REVENUE
DEDUCTIONS FROM THE REVENUE
NET OPERATING REVENUE
OPERATING EXPENSE
Personnel
Material
Outsourced Services
Purchased Energy
Depreciation
Provisions
Others
(717.4)
9M09
6,327.1
9M08¹
6,100.5
%
3.7%
3.3%
(2,397.1)
(2,189.1)
9.5%
0.5%
%
-2.8%
3Q08¹
1,992.4
3Q09
1,936.5
(694.3)
1,219.1
1,298.0
-6.1%
3,929.9
3,911.3
(1,018.0)
(57.8)
(4.6)
(65.4)
(722.7)
(76.3)
(67.0)
(24.3)
(1,015.7)
(54.6)
(3.9)
(70.8)
(712.6)
(77.0)
(74.7)
(22.1)
0.2%
5.8%
17.1%
-7.7%
1.4%
-0.9%
-10.2%
10.0%
(3,311.2)
(182.5)
(15.5)
(188.1)
(2,406.5)
(228.7)
(217.6)
(72.2)
(3,157.0)
(169.5)
(11.4)
(197.5)
(2,213.3)
(236.4)
(262.1)
(66.8)
4.9%
7.7%
36.1%
-4.8%
8.7%
-3.2%
-17.0%
8.1%
OPERATING RESULT(¹)
201.0
282.4
-28.8%
618.7
754.3
-18.0%
EBITDA (²)
277.3
359.4
-22.8%
847.5
990.7
-14.5%
EQUITY EQUIVALENCE
FINANCIAL RESULT
Financial Income
Financial Expenses
Other Operating Incomes
Other Operating Expenses
-
-
-
-
(51.9)
42.3
(94.2)
(104.4)
56.2
(160.6)
50.3%
-24.8%
-41.3%
(88.2)
127.8
(216.0)
7.3
(1.2)
2.2
(4.2)
229.0%
-72.8%
15.3
(6.3)
RESULT BEFORE TAXES AND INTEREST
155.2
SOCIAL CONTRIBUTIONS & INCOME TAX
DEFERRED INCOME TAX
PLR
(75.2)
(9.8)
(2.8)
NET INCOME
67.4
175.9
3.1
29.1
(4.1)
204.0
-
232.7
205.6
27.1
18.7
(8.5)
-37.8%
-18.3%
-26.5%
-11.8%
539.6
997.2
-45.9%
-30.9%
(182.7)
17.2
(16.9)
(142.7)
(149.4)
(16.3)
28.0%
3.8%
-67.0%
357.1
688.8
-48.2%
(¹) Operation Result, Administration vision = Operating Result, accounting norms (Item 1.9.7 of Notice CVM – 01/2007) + financials
(net financial expenses + equity pick-up)
(²) EBITDA = Operating Result, Administration vision + depreciation and amortization. Not reviewable by the external audit
30
APPENDIX III
Consolidated Balance Sheet
Consolidated Balance Sheet - R$ MM
ASSETS
Circulating
Cash & Cash Equivalents
Credits
Inventories
Others
Non Circulating
Realizable in the Long Term
Miscellaneous Credits
Others
Investments
Net Fixed Assets
Intangible
Deferred Charges
Total Assets
LIABILITIES
Circulating
Loans and Financing
Debentures
Suppliers
Taxes, Fees and Contributions
Dividends to pay
Provisions
Others
Non Circulating
Long-Term Liabilities
Loans and Financing
Debentures
Provisions
Others
Outcome of future performance
9/30/2009
3,073.0
903.1
2,058.4
15.4
96.2
6/30/2009
2,851.0
569.6
2,102.9
20.0
158.4
6,420.9
1,909.6
1,427.0
482.7
6,347.1
1,906.4
1,449.6
456.8
19.1
4,222.6
269.6
0.0
18.8
4,150.7
271.2
0.0
9,494.0
9,198.1
9/30/2009
1,772.9
241.4
91.8
453.6
244.6
91.8
174.3
475.4
6/30/2009
1,738.0
253.9
79.0
469.0
178.1
91.8
162.1
503.9
4,530.0
4,530.0
883.4
1,182.2
1,017.4
1,447.0
4,346.7
4,346.7
980.3
903.8
1,014.5
1,448.0
-
-
Net Assets
Realized Joint Stock
Capital Reserve
Legal Reserve
Profits Retention
Accumulated Profit/Loss of Exercise
3,191.0
2,225.8
52.7
103.8
451.7
357.1
3,113.5
2,225.8
42.5
103.8
451.7
289.7
Total Liabilities
9,494.0
9,198.1
31
APPENDIX IV
Regulatory Assets and Liabilities
REGULATORY ASSETS R$ MM
Customers, Concessionaires and Permissionaires
Tariff Readjustment
Despesas Pagas Antecipadamente
CVA
Other Regulatories
Part A
Total
Short Term
9/30/2009 6/30/2009
13.2
36.6
13.2
36.6
12.3
84.8
11.0
75.5
1.3
9.3
25.4
121.5
Long Term
9/30/2009 6/30/2009
269.6
229.7
269.6
229.7
269.6
229.7
REGULATORY LIABILITIES R$ MM
Regulatory Liabilities
Part A
CVA
Other Regulatories
Total
(32.1)
(22.9)
(8.2)
(1.0)
(32.1)
TOTAL
(71.6)
(16.2)
(49.6)
(5.8)
(71.6)
(6.6)
49.9
(2.1)
(2.1)
(2.1)
267.5
(1.0)
(1.0)
(1.0)
228.7
Light Figures
OPERATING INDICATORS
Nº of Consumers (thousands)
Nº of Employees
Average distribution tariff - R$/MWh
Average distribution tariff - R$/MWh (w/out taxes)
Average energy purchase cost R$/MWh¹
Generation Capacity (MW)
Assured Energy (MW)
Net Generation (GWh)
Charge Factor
¹ Includes net energy purchase/sell in the spot market
3Q09
3Q08
4,011
3,699
406.7
281.7
3,929
3,741
388.9
268.7
Var. %
2.1%
-1.1%
4.6%
4.8%
105.3
90.5
16.4%
855
855
-
537
1,204
66.2%
537
1,133
66.3%
6.3%
-
32
APPENDIX V
According to CVM Rule 592, 3Q008 and 9M08 results are being re-presented to reflect the
impacts of Law 11,638/07 for comparability with 3Q09 and 9M09 information. We are also
presenting 3Q08 and 9M08 results with the reclassification of the costs and expenses referring
to the employee profit sharing program (PLR) after determination of income tax. The
reconciliation is as follows:
Light S.A. (R$ MM)
Published
3Q08
Operating Revenue
Operating Revenue Deductions
Net Operating Revenue
Operating Expenses
Reclassification
PLR
Adjust
Law 11.638/07
1,992.4
1,992.4
(694.3)
(694.3)
1,298.0
(1,014.0)
Pro Forma
3Q08
1,298.0
4.1
(5.7)
(1,015.7)
Operating Result
284.0
282.4
EBITDA
364.0
359.4
56.2
(160.6)
(104.4)
56.2
(160.6)
(104.4)
2.2
(4.2)
2.2
(4.2)
Financial Result
Revenues
Expenses
Total
Others Operating Revenues
Others Operating Expenses
Result before taxes
IR/CS + Deferred
PLR - Participations
Net Income
177.5
175.9
30.3
207.8
1.9
(4.1)
32.2
(4.1)
204.0
33
Published
9M08
Operating Revenue
Operating Revenue Deductions
Net Operating Revenue
Operating Expenses
Reclassification
PLR
Adjust
Law 11.638/07
Pro Forma
9M08
6,100.5
6,100.5
(2,189.1)
(2,189.1)
3,911.3
3,911.3
(3,160.7)
16.3
(12.6)
(3,157.0)
Operating Result
750.6
754.3
EBITDA
995.2
990.7
Financial Result
Revenues
Expenses
Total
205.6
27.1
232.7
205.6
27.1
232.7
Others Operating Revenues
Others Operating Expenses
18.7
(8.5)
Result before taxes
993.5
IR/CS + Deferred
(296.4)
PLR - Participations
Net Income
18.7
(8.5)
997.2
4.3
(16.3)
697.1
(292.1)
(16.3)
688.8
34
APPENDIX VI
Tariff Readjustment 2009
ANEEL (Brazilian Electricity Regulatory Agency), in November 4, 2009 at a public meeting held
on the date hereof, temporarily approved the average tariff readjustment of 5.65% applied for
the period as of November 7, 2009, comprising all consumption segments (residential,
industrial, commercial, rural and other).
The readjustment index, valid for tariffs between November 7, 2009 and November 6, 2010,
comprises the following two components: structural, which is now part of the tariff, of 0.88%;
and financial, which is valid for the duration of this tariff, of 4.77%.
Light 2009 Tariff Readjustment
Structural TRI
0.88%
Financial Additions
4.77%
Total
5.65%
The tariff readjustment process consists primarily of the transfer of non-manageable
concessions costs (energy purchased for supply, sector charges and transmission charges) to
end consumers, since these charges are calculated in detail on an annual basis, both in years
of tariff readjustment and years of tariff revision. Regarding manageable costs, in years of tariff
readjustment, (as per rules set forth in the concession agreements of distribution
concessionaires), it varies according to the IGP-M decreased by Factor X, which aims to
transfer to consumers the annual efficiency gains of the concessionaire. Manageable costs are
calculated in detail only in years of Tariff Revision. In the case of Light, the 2nd Cycle of Periodic
Tariff Revision took place, on a provisional manner, in 2008, and the definitive result was ratified
in October 2009.
The variation in Non-Manageable costs (IParcel A), including financial additions of 7.1%,
occurred mainly due to increased charges, particularly PROINFA and Basic Network (“Rede
Básica”), as well as to CVA energy related to the last 12-month period. Parcel B (manageable
costs) reduced by 2.1%, mainly due to the reduction in the IGP-M. Tariffs were also impacted in
1.4% by subsidies determined by Law (Low Income, Special Consumers and Self-Producers).
Light’s end consumers will observe an average 3.40% readjustment in their electricity bills as of
November 7, due to the removal of tariffs of the financial adjustments related to the period
between November 7, 2008 and November 6, 2009, associated to the recovery of tariff
differences of past periods, which had a positive effect of 2.3% in that period’s tariff.
35
Light S.A.
Report of independent auditors on special
review of the Quarterly Financial
Information (ITR)
Quarter ended September 30, 2009
(A translation of the original report in Portuguese, as filed with the
Brazilian Securities and Exchange Commission (CVM) containing
quarterly information prepared in accordance with the regulations
issued by CVM)
36
Review Report of Independent Auditors
(A translation of the original report in Portuguese, as filed with the Brazilian Securities and
Exchange Commission (CVM) containing quarterly information prepared in accordance with the
regulations issued by CVM)
To the
Board of Directors and Shareholder’s of
Light S.A.
Rio de Janeiro - RJ
1. We have reviewed the accounting information included in the individual and consolidated
Quarterly Information - ITR - of Light S.A. (“Company”) and its subsidiaries for the quarter
ended September 30, 2009, comprising the balance sheet, the statements of income, of
changes in shareholders’ equity and of cash flows, the explanatory notes, and the
management report which are the responsibility of this management.
2. Our review was performed in accordance with the review standards established by the
IBRACON - Brazilian Institute of Independent Auditors and the Federal Council of
Accountancy - CFC, which comprised, mainly: (a) inquiries and discussions with the persons
responsible for the Accounting, Financial and Operational areas of the Company and its
subsidiaries, as to the main criteria adopted in the preparation of the Quarterly Information;
and (b) reviewing information and subsequent events that have or may have material effects
on the financial situation and operations of the Company and its subsidiaries.
3. Based on our review, we are not aware of any material changes that should be made to the
accounting information contained in the Quarterly Information aforementioned for it to be in
accordance with the accounting practices adopted in Brazil and the standards issued by the
Brazilian Securities and Exchange Commission - CVM, applicable to the preparation of the
Quarterly Information.
4. As described in Note 2, as a result of the changes to the accounting practices adopted in
Brazil in 2008, the statements of income and of cash flows for the third quarter ended
September 30, 2008, presented for comparison purposes, were restated, as provided for by
NPC 12 - Accounting Practices, Changes in Accounting Estimates and Error Correction,
approved by CVM Deliberation 506.
37
5. The financial statements of Fundação de Seguridade Social Braslight for the four-month
period ended April 30, 2009, were examined by other independent auditors whose opinion,
dated June 2, 2009, includes an emphasis paragraph regarding the balance of R$133,520
thousand related to tax credits arising from the Entity’s tax court case which was successful
in obtaining a final and non-appeasable decision, which, according to the Management’s
forecast, will allow them to utilize these credits to offset taxes payable in future years. The
future realization of the credits is subject to the completion of the offset process with the
Federal Tax Authority (Secretaria da Receita Federal), which the Entity suspended in
September 2005. If the Entity does not complete the offset process, they may eventually
record a provision for this asset. This asset, which guarantees the Entity’s actuarial reserves,
was deducted from calculation of the subsidiaries’ actuarial deficit, as required by
Resolution 371/00 of the Brazilian Securities and Exchange Commission - CVM.
Consequently, in the event that a provision is recorded for this amount, Company’s liability
may be proportionally adjusted.
November 6, 2009
KPMG Auditores Independentes
CRC SP-014428/O-6 F-RJ
Vânia Andrade de Souza
Accountant CRC RJ-057497-O-2
38
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
LIGHT S.A.
BALANCE SHEETS ON SEPTEMBER 30, 2009
(In thousands of reais)
ASSETS
Notes
CURRENT
Cash and cash equivalents
Consumers, concessionaires and permissionaires
Recoverable taxes
Inventories
Receivables from swap transactions
Dividends receivable
Services
Prepaid expenses
Other receivables
4
5
6
27
7
8
NON-CURRENT ASSETS
LONG-TERM ASSETS
Consumers, concessionaires and permissionaires
Recoverable taxes
Escrow deposits
Prepaid expenses
Other receivables
Investments
Property, plant and equipment
Intangible assets
5
6
7
8
9
10
11
Parent Company
9/30/2009
6/30/2009
Consolidated
9/30/2009
6/30/2009
2,378
679
91,770
22
154
95,003
3,632
660
91,770
47
136
96,245
903,115
1,270,919
691,202
15,357
404
95,875
15,756
80,397
3,073,025
569,637
1,306,261
716,982
20,024
2,320
77,380
91,195
67,228
2,851,027
3,189,616
3,110,703
6,420,928
6,347,099
152
152
151
151
303,785
1,123,175
193,558
280,373
8,728
1,909,619
306,097
1,143,478
208,575
239,504
8,728
1,906,382
3,189,443
21
3,284,619
3,110,552
3,206,948
19,098
4,222,642
269,569
9,493,953
18,807
4,150,722
271,188
9,198,126
39
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
LIGHT S.A.
BALANCE SHEETS ON SEPTEMBER 30, 2009
(In thousands of reais)
LIABILITIES
Notes
CURRENT
Suppliers
Payroll
Taxes
Loans, financing and financial charges
Debentures and financial charges
Dividends Payable
Estimated Liabilities
Regulatory charges - consumer contributions
Provision for contingencies
Pension plan and other employee benefits
Other liabilities
12
SHAREHOLDERS' EQUITY
Capital stock
Profits reserve
Capital reserve
Retained earnings (accumulated losses)
Consolidated
9/30/2009
6/30/2009
114
33
43
91,770
190
1,439
93,589
70
28
42
91,770
134
1,427
93,471
453,587
1,909
244,646
241,439
91,790
91,770
56,141
118,151
94,491
378,960
1,772,884
469,005
2,264
178,146
253,945
79,028
91,770
49,038
110,870
2,237
93,469
408,212
1,737,984
-
-
4,530,039
4,346,665
12
13
14
6
16
18
17
-
-
883,447
1,182,158
332,200
1,017,446
910,534
204,254
4,530,039
980,340
903,848
330,434
1,014,479
912,649
204,915
4,346,665
20
2,225,822
555,426
52,667
357,115
3,191,030
2,225,822
555,426
42,504
289,725
3,113,477
2,225,822
555,426
52,667
357,115
3,191,030
2,225,822
555,426
42,504
289,725
3,113,477
3,284,619
3,206,948
9,493,953
9,198,126
6
13
14
15
16
18
17
NON-CURRENT LIABILITIES
LONG-TERM LIABILITIES
Suppliers
Loans, financing and financial charges
Debentures and financial charges
Taxes
Provision for contingencies
Pension plan and other employee benefits
Other liabilities
Parent Company
9/30/2009
6/30/2009
31
40
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
LIGHT S.A.
INCOME STATEMENTS FOR THE PERIODS ENDED SEPTEMBER 30, 2009 AND 2008
(In thousands of reais)
Notes
OPERATING INCOME
Electric Power Supply
Electric Power Supply
Other Revenues
Deductions from operating revenues
ICMS
Consumer Charges
PIS/COFINS
Other
21
21
22
23
NET OPERATING REVENUE
Parent Company
7/1/2009 to 9/30/2009
Parent Company
1/1/2009 to 9/30/2009
Parent Company
7/1/2008 to 9/30/2008
Parent Company
1/1/2008 to 9/30/2008
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
ELECTRIC POWER COST
Electric Power Purchased for Resale
OPERATIONAL COST
Personnel
Material
Outsourced services
Depreciation and amortization
Other
25
24
24
24
24
24
GROSS OPERATING PROFIT
OPERATING EXPENSES
Selling
General and administrative
24
24
EQUITY ACCOUNTING
FINANCIAL REVENUES (EXPENSES)
Revenues
Expenses
26
26
OTHER OPERATING REVENUES (EXPENSES)
Revenues
Expenses
INCOME BEFORE TAXES
AND INTEREST
Income tax and social contribution
PROFIT/(LOSS) BEFORE INTEREST
Interest
INCOME/(LOSS) FOR THE YEAR
Income/(Loss) per share - R$
No. of shares
6
(11,374)
(11,374)
(33,838)
(33,838)
78,892
390,226
74
(175)
(101)
1,177
(416)
761
(665)
(665)
204,648
40
(29)
11
(3,015)
(3,015)
706,468
137
(30)
107
-
-
-
-
67,417
357,149
203,994
703,560
-
-
-
-
67,417
357,149
203,994
703,560
(27)
67,390
(34)
357,115
(2)
203,992
(25)
703,535
0.33045
1.75113
1.00260
3.45781
203,934,060
203,934,060
203,462,739
203,462,739
41
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
LIGHT S.A.
INCOME STATEMENTS FOR THE PERIODS ENDED SEPTEMBER 30, 2009 AND 2008
(In thousands of reais)
Notes
OPERATING INCOME
Electric Power Supply
Electric Power Supply
Other Revenues
Deductions from operating revenues
ICMS
Consumer Charges
PIS/COFINS
Other
21
21
22
23
NET OPERATING REVENUE
Consolidated
7/1/2009 to 9/30/2009
Consolidated
1/1/2009 to 9/30/2009
1,710,920
91,388
134,212
1,936,520
Consolidated
7/1/2008 to 9/30/2008
5,644,394
270,285
412,392
6,327,071
(455,525)
(166,654)
(94,896)
(371)
(1,531,200)
(544,136)
(319,770)
(2,041)
(717,446)
(2,397,147)
1,219,074
3,929,924
Consolidated
1/1/2008 to 9/30/2008
1,726,806
94,474
171,072
1,992,352
5,342,143
280,818
477,503
6,100,464
(460,163)
(124,632)
(109,038)
(505)
(1,449,812)
(372,714)
(364,484)
(2,122)
(694,338)
(2,189,132)
1,298,014
3,911,332
ELECTRIC POWER COST
Electric Power Purchased for Resale
OPERATIONAL COST
Personnel
Material
Outsourced services
Depreciation and amortization
Other
25
24
24
24
24
24
(722,678)
(2,406,525)
(712,581)
(2,213,338)
(722,678)
(2,406,525)
(712,581)
(2,213,338)
(36,401)
(3,776)
(28,482)
(67,371)
(4,553)
(115,035)
(12,742)
(81,921)
(201,958)
(13,526)
(29,410)
(3,225)
(30,843)
(67,632)
(3,977)
(94,932)
(9,365)
(86,017)
(207,742)
(12,141)
(425,182)
(135,087)
(140,583)
GROSS OPERATING PROFIT
OPERATING EXPENSES
Selling
General and administrative
355,813
24
24
EQUITY ACCOUNTING
FINANCIAL REVENUES (EXPENSES)
Revenues
Expenses
-
26
26
OTHER OPERATING REVENUES (EXPENSES)
Revenues
Expenses
INCOME BEFORE TAXES
AND INTEREST
Income tax and social contribution
PROFIT/(LOSS) BEFORE INTEREST
Interest
INCOME/(LOSS) FOR THE YEAR
Income/(Loss) per share - R$
No. of shares
(77,154)
(77,634)
(154,788)
6
1,098,217
(241,217)
(238,267)
(479,484)
-
450,346
(100,608)
(67,376)
(167,984)
-
42,255
(94,182)
(51,927)
127,783
(215,992)
(88,209)
56,155
(160,579)
(104,424)
7,285
(1,154)
6,131
15,308
(6,280)
9,028
2,214
(4,248)
(2,034)
(410,197)
1,287,797
(244,835)
(288,660)
(533,495)
-
205,565
27,133
232,698
18,735
(8,546)
10,189
155,229
539,552
175,904
997,189
(85,000)
(165,524)
32,196
(292,088)
70,229
374,028
208,100
705,101
(2,839)
(16,913)
67,390
357,115
203,992
688,803
0.33045
1.75113
1.00260
3.38540
203,934,060
203,934,060
203,462,739
203,462,739
(4,108)
(16,298)
42
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
LIGHT - S.A.
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
(In thousands of reais)
PROFITS RESERVE
BALANCE ON DECEMBER 31, 2008
CAPITAL
STOCK
2,225,819
Capital increase
Granted options
Net income for the period
BALANCE ON SEPTEMBER 30, 2009
CAPITAL
RESERVES
22,459
3
-
LEGAL
RESERVE
103,757
RETAINED EARNIGNS
(ACCUMULATED
LOSSES)
TOTAL
-
2,803,704
-
-
-
-
3
30,208
-
-
-
30,208
-
2,225,822
RETAINED
PROFITS
451,669
-
52,667
-
103,757
451,669
357,115
357,115
357,115
3,191,030
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
(In thousands of reais)
PROFITS RESERVE
BALANCE ON JUNE 30, 2009
CAPITAL
STOCK
2,225,822
CAPITAL
RESERVES
42,504
LEGAL
RESERVE
103,757
RETAINED
PROFITS
451,669
RETAINED EARNIGNS
(ACCUMULATED
LOSSES)
289,725
TOTAL
3,113,477
Capital increase
-
-
-
-
-
-
Granted options
-
10,163
-
-
-
10,163
Net income for the period
BALANCE ON SEPTEMBER 30, 2009
2,225,822
52,667
103,757
451,669
67,390
67,390
357,115
3,191,030
43
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
LIGHT - S.A.
CASH FLOW STATEMENTS
( In thousands of reais )
7/1/2009 to 9/30/2009
From operations
Income/(loss) for the period
Revenues (expenses) not affecting cash:
Allowance for doubtful accounts
Provision for (reversal of) losses in the recovery of long-term RTE
Restatement of regulatory and contingent assets and liabilities
Adjustment of receivables to present value
Depreciation and amortization
Equity accounting
Interest and monetary variations - net
Income/loss from write-off of property, plant and equipment
Deferred income tax and social contribution
Charges and monetary variation on post-employment benefits
PIS/COFINS reversal - tax rate increase and expansion of the basis
Provision for liabilities - contingent
Granted options
Other
(Increase) Decrease in assets
Consumers and resellers
Recoverable taxes
Services rendered
Inventories
Prepaid expenses (other)
Dividends received
Regulatory assets (CVA and "Bolhas")
Escrow deposits
Other
Increase (Decrease) in liabilities
Suppliers
Electric power suppliers
Salaries and social contributions
Taxes and social contributions
Loans and financings
Offsetting accounts - CVA
Regulatory fees
Contingencies
Post-employment benefits
Other
Cash generated by (used in) operations
Parent Company
1/1/2009 to 9/30/2009
7/1/2008 to 9/30/2008
1/1/2008 to 9/30/2008
67,390
(78,892)
10,163
(1,339)
357,115
(390,226)
30,208
(2,903)
203,992
(204,648)
(656)
703,535
(706,468)
(2,933)
(19)
25
(1)
(37)
(32)
(395)
113
407,868
(31)
(6)
407,549
(24)
(3)
41
(1)
190
203
(23)
(55)
162
203,463
(1)
48
203,594
44
55
1
17
117
(169)
181
33
157
202
(50)
10
(3)
283
240
(106)
6
(2)
583
481
(1,254)
404,848
(213)
201,142
Investment activities
Sale of assets
Investments in property, plant and equipment
Advances
Consumer contributions
Equity interest
Cash used in investment activities
-
1,530
(36,388)
(34,858)
-
Financing activities
Paid dividends
Loans and financings obtained
Amortization of loans and financings
Net cash generated by (used in) financing activities
-
(407,868)
(407,868)
-
-
(203,463)
(203,463)
Net cash variation
(1,254)
(37,878)
(213)
(2,321)
Statement of net cash variation
At the beginning of the year
At the end of the year
Cash variation
3,632
2,378
(1,254)
40,256
2,378
(37,878)
428
215
(213)
2,536
215
(2,321)
44
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
LIGHT - S.A.
CASH FLOW STATEMENTS
( In thousands of reais )
7/1/2009 to 9/30/2009
From operations
Income/(loss) for the period
Revenues (expenses) not affecting cash:
Allowance for doubtful accounts
Provision for (reversal of) losses in the recovery of long-term RTE
Restatement of regulatory and contingent assets and liabilities
Adjustment of receivables to present value
Depreciation and amortization
Equity accounting
Interest and monetary variations - net
Income/loss from write-off of property, plant and equipment
Deferred income tax and social contribution
Charges and monetary variation on post-employment benefits
PIS/COFINS reversal - tax rate increase and expansion of the basis
Provision for liabilities - contingent
Granted options
Other
Consolidated
1/1/2009 to 9/30/2009
7/1/2008 to 9/30/2008
1/1/2008 to 9/30/2008
67,390
357,115
203,992
688,803
57,935
7,848
(4,655)
76,298
68,389
(6,110)
9,832
22,277
11,278
10,163
2,970
323,615
184,643
32,055
(16,074)
228,718
157,091
(8,898)
(17,222)
42,765
34,817
30,208
9,614
1,034,832
80,999
5,943
9,526
76,997
91,979
2,034
(29,145)
38,696
(6,352)
6,819
1,951
483,439
186,259
2,385
29,825
2,638
236,362
185,645
(7,660)
149,371
124,995
(432,358)
80,303
15,640
3,189
1,265,397
(17,262)
37,887
(18,495)
4,667
1,987
32,583
15,017
(11,253)
45,131
(104,937)
154,005
(38,375)
3,246
(8,180)
230,778
642
55,983
293,162
(33,909)
17,467
(6,525)
(999)
640
48,756
(6,955)
(16,150)
2,325
(58,027)
(144,460)
(12,692)
(5,054)
1,513
128,501
(3,852)
28,131
(65,940)
Increase (Decrease) in liabilities
Suppliers
Electric power suppliers
Salaries and social contributions
Taxes and social contributions
Loans and financings
Offsetting accounts - CVA
Regulatory fees
Contingencies
Post-employment benefits
Other
(2,649)
(12,772)
6,748
63,137
(37,812)
4,290
(17,869)
(23,370)
15,540
(4,757)
(29,878)
(2,739)
206
4,233
(127,640)
(18,903)
(55,578)
(69,901)
(6,199)
(306,399)
(3,778)
27,034
7,420
7,942
(50,628)
4,874
(20,199)
(21,485)
24,434
(24,386)
(27,074)
(50,040)
(2,381)
(60,487)
(126,605)
(8,772)
(53,810)
(62,953)
109,377
(282,745)
Cash generated by (used in) operations
363,989
1,021,595
461,378
916,712
Investment activities
Sale of assets
Investments in property, plant and equipment
Advances
Consumer contributions
Equity interest
Cash used in investment activities
649
(159,466)
10,328
(148,489)
7,576
(402,131)
13,508
(381,047)
(152,674)
3,783
(148,891)
2,000
(392,994)
2,670
(388,324)
Financing activities
Paid dividends
Loans and financings obtained
Amortization of loans and financings
Net cash generated by (used in) financing activities
300,000
(182,022)
117,978
(407,869)
423,940
(343,630)
(327,559)
174,121
(63,703)
110,418
(203,463)
249,521
(199,146)
(153,088)
Net cash variation
333,478
312,989
422,905
375,300
Statement of net cash variation
At the beginning of the year
At the end of the year
Cash variation
569,637
903,115
333,478
590,126
903,115
312,989
442,606
865,511
422,905
490,211
865,511
375,300
(Increase) Decrease in assets
Consumers and resellers
Recoverable taxes
Services rendered
Inventories
Prepaid expenses (other)
Dividends received
Regulatory assets (CVA and "Bolhas")
Escrow deposits
Other
45
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
LIGHT S.A.
September 30, 2009
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
TABLE OF CONTENTS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
OPERATIONS
PRESENTATION OF THE QUARTERLY INFORMATION
REGULATORY ASSETS AND LIABILITIES
CASH AND CASH EQUIVALENTS
CONSUMERS, CONCESSIONAIRES AND PERMISSIONAIRES (CLIENTS)
TAXES
PREPAID EXPENSES
OTHER RECEIVABLES
INVESTMENTS
PROPERTY, PLANT AND EQUIPMENT
INTANGIBLE ASSETS
SUPPLIERS
LOANS, FINANCING AND FINANCIAL CHARGES
DEBENTURES AND FINANCIAL CHARGES
REGULATORY CHARGES – CONSUMER CONTRIBUTIONS
PROVISION FOR CONTINGENCIES
OTHER PAYABLES
PENSION PLAN AND OTHER EMPLOYEE BENEFITS
RELATED-PARTY TRANSACTIONS
SHAREHOLDERS’ EQUITY
ELECTRIC POWER SUPPLY
OTHER REVENUES
CONSUMER CHARGES (OPERATING REVENUE DEDUCTIONS)
OPERATING COSTS AND EXPENSES
ELECTRICITY PURCHASED FOR RESALE
FINANCIAL INCOME
FINANCIAL INSTRUMENTS
INSURANCE
STATEMENT OF OPERATIONS BY COMPANY
TARIFF REVIEW
LONG-TERM INCENTIVE PLAN
SUBSEQUENT EVENTS
07/31/2017 14:53:45
Page:46
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE QUARTERLY INFORMATION
AS OF SEPTEMBER 30, 2009
(Amounts in thousands of Brazilian reais)
1.
OPERATIONS
Light S.A.’s corporate purpose is to hold equity interests in other companies, as partner
or shareholder, and in the direct or indirect exploitation, as applicable, of electric power
services, including electric power generation, transmission, sale and distribution
systems, as well as other related services.
Light S.A. is a parent company of the following companies:
Light Serviços de Eletricidade S.A. (Light SESA) - Publicly-held company engaged in
the distribution of electric power;
Light Energia S.A. - (Light Energia) – Closely-held company whose main activity is
study, plan, construct, operate and exploit electric power generation, transmission and
sales, systems and related services;
Light Esco Prestação de Serviços Ltda. - (Light Esco) – Company whose main activity
is to provide services related to co-generation, projects, management and solutions, such
as improving efficiency and defining energy matrixes and sale of energy on the free
market.
Itaocara Energia Ltda. - (Itaocara Energia) – Pre-operating company, primarily engaged
in the exploitation and production of electric power;
Lightger Ltda. (Light Ger) and Lighthidro Ltda. (Light
Hidro)
–
Pre-operating
companies both to participate in auctions for concession, authorization and permission
for new plants. On December 24, 2008, Light Ger obtained the installation license that
authorizes the start of implementation works of Paracambi small hydroelectric power
plant (PCH); and
Instituto Light para o Desenvolvimento Urbano e Social (Light Institute) – It is engaged
in participating in social and cultural projects, has interest in the cities’ economic and
social development, affirming the Company’s ability to be socially responsible.
Grupo Light’s concessions and authorizations:
Concessions / authorizations
Date of concession /
authorization
Maturity Date
Generation, Transmission and Distribution (direct)
Paracambi small hydroelectric power plant (PCH) (indirect)
Itaocara hydroelectric power plant (indirect)
July 1996
February 2001
March 2001
June 2026
February 2031
March 2036
07/31/2017 14:53:45
Page:47
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
2.
PRESENTATION OF THE QUARTERLY INFORMATION
The individual and consolidated quarterly information including the notes thereto, are
presented in thousands of reais and other currencies, except when otherwise indicated
and were prepared in accordance with the accounting practices adopted in Brazil, which
comprises the Brazilian Corporation Law, Pronouncements and Guidance issued by the
Brazilian Committee on Accounting Pronouncements (“CPC”), rules issued by the
Brazilian Securities and Exchange Commission (“CVM”), and standards established by
Brazilian Electricity Regulatory Agency (“ANEEL”), pursuant to Accounting Manual
for the Electric Power Public Utility, having fully met all concepts introduced by Law
11,638/07 and Provisional Measure 449/08.
This quarterly information was prepared according to the principles, practices and
criteria consistent with those adopted in the preparation of the annual financial
statements as of December 31, 2008 and the subsequent quarterly information. Thus,
this quarterly information should be read jointly with said statements/information.
Given that the Company is comprised primarily of interests in other corporations, the
notes to the quarterly information primarily reflect the accounting practices and
breakdown of its subsidiaries’ accounts.
The consolidated Quarterly Information was prepared pursuant to CVM Rule 247, of
March 27, 1996, which provides, among other subjects, procedures to prepare and
disclose of consolidated financial statements and in line with the accounting practices
adopted in the previous year.
The Quarterly Information as of September 30, 2008 was reclassified, when applicable,
for comparison purposes, as described below:
Income Statement
Period from July 1 to September 30, 2008
Published
Adjustments of Law
11,638/07 and MP 449/08
(ii)
3,048
Cost of Goods and/or Services Sold
Personnel
Depreciation and amortization
(31,998)
(70,680)
PLR Reclassification
(i)
2,588
-
Operating Expenses/Revenues
Selling expenses
General and administrative expenses
Other operating revenue
Other operating expenses
(100,896)
(59,838)
-
288
1,232
-
(8,770)
2,214
(4,248)
Adjusted
(29,410)
(67,632)
(100,608)
(67,376)
2,214
(4,248)
Non-operating Revenue
Revenues
Expenses
2,214
(4,248)
-
(2,214)
4,248
-
Deferred Income Tax
27,200
-
1,945
29,145
-
(4,108)
-
(4,108)
Interest/Statutory Contributions
Interest
07/31/2017 14:53:45
Page:48
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
Income Statement
Period from January 01 to September 30, 2008
Published
Adjustments of Law
11,638/07 and MP 449/08
(ii)
8,253
Cost of Goods and/or Services Sold
Personnel
Depreciation and amortization
(105,200)
(215,995)
PLR Reclassification
(i)
10,268
-
Operating Expenses/Revenues
Selling expenses
General and administrative expenses
Other operating revenue
Other operating expenses
(245,976)
(272,678)
-
1,141
4,889
-
(20,871)
18,735
(8,546)
18,735
(8,546)
-
(18,735)
8,546
(153,661)
-
4,290
(149,371)
(16,298)
-
(16,298)
Non-operating Revenue
Revenues
Expenses
Deferred Income Tax
Interest/Statutory Contributions
Interest
-
Adjusted
(94,932)
(207,742)
(244,835)
(288,660)
18,735
(8,546)
-
(i) For most appropriate presentation, management and employee profit sharing were
classified as profit sharing result – PLR under income tax.
(ii) In the preparation of the financial statements for year ended December 31, 2008, the
Company and its subsidiaries adopted for the first time the changes in corporate
legislation introduced by Law 11,638/07 and Provisional Measure 449/08. The quarterly
information as of September 30, 2008, presented herein, was also adjusted to reflect
changes resulting from the adoption of said laws and CPCs issued in 2008, for the
comparison of the results for the quarters and periods ended in September, reconciled as
follows:
Net income for the quarter without the effects of Law 11,638/07 and MP 449 /08 (published)
Adjustments to the effects resulting from initial adoption of Law 11,638/07 and MP 449/08:
Deferred charges
Long-term incentive plan
Equity accounting
Temporary differences of income tax and social contribution
Net income for the period pursuant to Law 11,638 /07 and MP 449/08 (adjusted)
Net income for the quarter without the effects of Law 11,638/07 and MP 449/08 (published)
Adjustments to the effects resulting from initial adoption of Law 11,638/07 and MP 449/08:
Deferred charges
Long-term incentive plan
Equity accounting
Temporary differences of income tax and social contribution
Net income for the quarter pursuant to Law 11,638/07 and MP 449/08 (adjusted)
07/31/2017 14:53:45
01/07/2008 to 09/30/2008
Parent Company
Consolidated
207,769
207,769
(3,777)
203,992
2,183
(7,905)
1,945
203,992
01/01/2008 to 09/30/2008
Parent Company
Consolidated
711,863
697,131
(8,328)
703,535
6,281
(18,899)
4,290
688,803
Page:49
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
3.
REGULATORY ASSETS AND LIABILITIES
Consolidated
Current
9/30/2009
Assets
Consumers, concessionaries and permissionaires (Note 5)
Tariff Readjustment - TUSD
Non-current
9/30/2009
6/30/2009
13,160
13,160
36,642
36,642
12,280
11,016
1,264
84,838
75,536
9,302
269,640
269,640
-
229,665
229,665
-
25,440
121,480
269,640
229,665
Other payables (Note 17)
Portion "A" - (a)
CVA - (b)
Other regulatories - (c)
(32,086)
(22,918)
(8,166)
(1,002)
(71,558)
(16,220)
(49,551)
(5,787)
(2,109)
(2,109)
-
(977)
(977)
-
TOTAL LIABILITIES
(32,086)
(71,558)
(2,109)
(977)
(6,646)
49,922
Prepaid expenses (Note 7)
CVA - (b)
1230143011
Other regulatories
até 1230143091
- (c)
(longo prazo
1130143011 até 1130143091 (curto prazo
TOTAL ASSETS
NET OVERALL TOTAL
a)
6/30/2009
-
267,531
-
228,688
Rationing:
The electric power distribution and generation companies revenues (“free energy”) for
the rationing period is being recovered through the “Extraordinary Tariff Recovery RTE”, which agreement only allowed for the billing related to revenue lost of Light
SESA through February 2008. In June 2008, Light SESA wrote off the items related to
the extraordinary tariff recovery, free energy and its respective provisions, which were
not recovered within the 74-month term set forth by ANEEL in the Emergency Program
for Reduction of Electric Power Consumption (PERCEE), in the amount of R$291,448,
with no impact on results of that period.
The Company has lawsuits, both within ANEEL and in the judiciary scopes, seeking the
indemnity of such losses.
Due to the maturity of term for the RTE billing (Loss of Revenue), the Variation in
“Portion A” items (from January 1, 2001 to October 25, 2001) started to be recovered
from March 2008, as approved by ANEEL Directive Release 267/04.
Pursuant to ANEEL’s rules, the additional tariff should remain effective until the end of
the month when the ratified amount would be fully amortized, duly remunerated. In the
case of Light, this amortization occurred in mid June 2009. Amounts billed after
amortization of ratified Portion “A” amount totaled R$22,918, which will return to
consumers upon the 2009 Tariff Adjustment. Said amount is recorded in “Other Debts”,
under current liabilities.
07/31/2017 14:53:45
Page:50
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
Portion A (from 1/1/2001 to 10/25/2001)
Recognition:
Resolutions
482/02 and 001/04
(1)
125,695
Total
Accumulated
2009
(3) = (1+2)
373,241
Accumulated
Remuneration
(2)
247,546
Amortized
Value
up to 2009
(4)
396,159
Balance to
Amortize
(5) = (3-4)
(22,918)
b) Memorandum account for Portion “A” Items Variation (“CVA”)
Records the variations during the period and the annual tariff adjustment based on the
Central Bank overnight rate (“SELIC”) for: purchase of energy; the tariff for
transportation of electric power from Itaipu; the Fuel Usage Quota (“CCC”); the
Economic Development Account (“CDE”); System service charges (“ESS”); the tariff
for the use of transmission facilities of the basic electric network; and compensation for
the use of water resources (“CFURH”).
The amounts recorded under current (assets and liabilities) refer to amounts already
approved by ANEEL in November 2008, when the tariff review was concluded. The
amounts recorded under non-current represent the formation of CVA to be approved in
the next tariff adjustment (November 2009).
Breakdown of CVA
Consolidated
Assets
Current
9/30/2009
Breakdown - CVA
Fuel Consumption Account - CCC
Cost of electricity acquisition
System Service Charges - ESS
PROINFA
Transportation of electric power from Itaipu
Transportation of electric power to basic electric network
TOTAL - CVA
6/30/2009
6,192
4,444
159
221
11,016
Non-current
9/30/2009
6/30/2009
47,634
25,359
908
1,635
75,536
222,343
5,517
25,942
1,257
14,581
269,640
1,214
195,660
13,247
17,311
850
1,383
229,665
Consolidated
Liabilities
Current
9/30/2009
Breakdown - CVA
Fuel Consumption Account - CCC
Enery Development Account - CDE
Cost of electricity acquisition
PROINFA
TOTAL - CVA
07/31/2017 14:53:45
(1,349)
(6,679)
(138)
(8,166)
6/30/2009
(10,379)
(38,113)
(1,059)
(49,551)
Non-current
9/30/2009
6/30/2009
(1,496)
(613)
(2,109)
(977)
(977)
Page:51
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
c)
Other Regulatory Assets/Liabilities
Finance costs transferred in the second (provisional) tariff review of subsidiary Light SESA, in
accordance with Normative Resolution 734 of November 4, 2008, as per chart below:
Assets
Consolidated
9/30/2009
Other Regulatory Assets
Financial adjustment TUSD generating companies
Furnas connection
Guarantees at auction (CCEAR)
"Luz para Todos" Program
TOTAL
Approved Values
10/31/2008
6/30/2009
1,244
8
5
7
1,264
9,154
60
38
50
9,302
32,680
210
136
181
33,207
Liabilities
Consolidated
9/30/2009
Other Regulatory Liabilities
Boundary adjustment
Onlending of energy overcontracting (art.38 of Decree 5,163/04)
TOTAL
4.
(46)
(956)
(1,002)
(332)
(5,455)
(5,787)
(1,182)
(18,956)
(20,138)
CASH AND CASH EQUIVALENTS
Parent Company
9/30/2009
6/30/2009
Financial investments
Cash available
Total
2,346
32
2,378
3,606
26
3,632
Parent Company
9/30/2009
6/30/2009
Financial investments:
CDB
Overnight
Total
5.
Approved Values
10/31/2008
6/30/2009
Fee
CDI
Pre-fixed
Maturity
Daily
Daily
2,346
2,346
3,606
3,606
Consolidated
9/30/2009
6/30/2009
891,114
12,001
903,115
557,789
11,848
569,637
Consolidated
9/30/2009
6/30/2009
890,314
800
891,114
556,912
877
557,789
CONSUMERS, CONCESSIONAIRES AND PERMISSIONAIRIES (CLIENTS)
Consolidated
9/30/2009
6/30/2009
CURRENT
Billed sales
Unbilled sales
Debt payment by installments (a)
Sales within the scope of CCEE
Supply and charges related to the use of electric network
Tariff recoverable credits (Note 3)
(-) Allowance for doubtful accounts (b)
NON-CURRENT
Debt payment by installments (a)
07/31/2017 14:53:45
1,577,491
246,007
163,126
1,986,624
1,549,712
239,335
158,347
1,947,394
1,787
51,015
13,160
65,962
1,323
44,838
36,642
82,803
(781,667)
1,270,919
(723,936)
1,306,261
303,785
303,785
306,097
306,097
Page:52
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
a) The balances of debt installments are adjusted to present value, when applicable,
pursuant to Law 11,638/07. The calculation of present value is made for each transaction
of consumers’ debts renegotiation (debt payment by installments), based on the interest
rate which reflects the term and risk of each transaction, being about 1% p.m.
The allowance for doubtful accounts was set up in amounts deemed sufficient to cover
eventual losses in the realization of credits and it is in accordance with ANEEL’s
instructions summarized below:
Clients with significant debts (large clients):
- Individual analysis of balance receivable from consumers, by consumption class,
deemed unlikely to be received.
In other cases:
- Residential consumers – past due for more than 90 days;
- Commercial consumers – past due for more than 180 days;
- Industrial and rural consumers, public sector, public lighting, public utilities and other
– past due for more than 360 days
Overdue and falling due balances related to electric power billed and renegotiated debts
are distributed as follows:
Maturing
Balance
Residential
Industrial
Commercial
Rural
Public sector
Public lighting
Public utility
Billed sales and renegotiated debts (current and non-current)
121,677
19,359
102,022
485
34,296
12,395
280,789
571,023
Maturing
Balance
Residential
Industrial
Commercial
Rural
Public sector
Public lighting
Public utility
Billed sales and renegotiated debts (current and non-current)
07/31/2017 14:53:45
108,763
23,323
102,936
466
34,921
12,707
296,010
579,126
9/30/2009
Overdue up to
Overdue over
90 days
90 days
139,537
13,954
39,854
326
19,720
2,886
569
216,846
717,413
184,879
199,421
629
104,247
38,760
11,184
1,256,533
6/30/2009
Overdue up to
Overdue over
90 days
90 days
157,322
21,518
61,058
390
20,174
3,970
714
265,146
658,221
171,594
189,920
590
101,160
38,358
10,041
1,169,884
Total
978,627
218,192
341,297
1,440
158,263
54,041
292,542
2,044,402
Total
924,306
216,435
353,914
1,446
156,255
55,035
306,765
2,014,156
Page:53
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
6.
TAXES
Parent Company
Assets
9/30/2009
6/30/2009
Consolidated
Liabilities
9/30/2009
6/30/2009
CURRENT
Tax credits – IRPJ and CSLL (a)
IRRF (Withholding Income Tax) recoverable
IRRF (Withholding Income Tax) payable
Deferred IRPJ and CSLL (b)
PIS/COFINS – PAES paid by installments (Refis II) (c)
INSS - PAES paid by installments (Refis II) (c)
ICMS recoverable (e)
ICMS payable
PIS/COFINS recoverable (f)
PIS/COFINS payable
Prepaid IRPJ/CSLL
Provision for IRPJ/CSLL
Other
TOTAL
608
71
679
589
71
660
43
43
42
42
NON-CURRENT
Deferred IRPJ and CSLL (b)
IRPJ and CSLL – unrealized profits abroad (d)
PIS/COFINS – PAES paid by installments (Refis II) (c)
INSS – PAES paid by installments (Refis II) (c)
ICMS (e)
TOTAL
-
-
-
-
-
Assets
9/30/2009
6/30/2009
Liabilities
9/30/2009
6/30/2009
158,741
11,522
244,252
117,675
25,467
118,078
15,467
691,202
175,491
11,522
244,406
147,170
49,212
73,808
15,373
716,982
-
-
1,810
8,536
1,601
40,982
182,766
8,949
244,646
2
2,155
8,450
8,943
42,305
107,577
8,714
178,146
1,080,243
42,932
1,123,175
1,089,900
53,578
1,143,478
303,748
4,979
23,473
332,200
298,618
6,465
25,351
330,434
2
a) Refers to negative balance tax credits recoverable arising from refunds from
temporary cash investments and government agencies in the amount of R$4,814 and
prepaid Income Tax and Social Contribution credits for 2005, 2006, 2007 and 2008
amounting to R$153,927. The variation of the amounts for the quarter results from the
monthly adjustment based on the Selic rate in the amount of R$2,844, the new credits in
the amount of R$5,692, and the offsets in the amount of R$25,286, of which R$6,452
concerns withholding tax and R$18,834 credits offset in 2008.
b) The tax credits include amounts expected to be recoverable within 10 years, as set
forth in referred CVM Instruction 371/02 and in the assumption of not being time-barred
by law according to the Corporate Income Tax Regulation.
Deferred taxes have been established based on the assumption of future realization,
taking into account:
(i)
Income tax loss carryforward and negative social contribution basis – these shall
be carried forward indefinitely, but realization is limited to 30% of net income for
each future fiscal year.
(ii) Temporary
differences – these will be realized upon the payment or reversal of the
provisions and/or the actual loss of doubtful accounts.
Deferred tax assets are as follows:
07/31/2017 14:53:45
Page:54
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
LIGHT S.A.
September 30, 2009
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
Consolidated
9/30/2009
6/30/2009
ASSETS AND LIABILITIES – CURRENT AND NON-CURRENT
Tax loss carryforwards
Allowance for doubtful accounts
Provision for profit sharing
Provision for labor contingencies
Provision for tax contingencies
Provision for civil contingencies
Impacts resulting from the adoption of Law 11,638/07
Other provisions
Total - Light SESA
709,935
262,305
8,056
53,700
144,869
94,169
20,954
29,705
1,323,693
736,966
242,607
7,217
52,757
143,533
96,472
23,184
26,584
1,329,320
Tax loss carryforwards - Light Energia and Light Esco
Total - Consolidated
802
1,324,495
4,986
1,334,306
c) Tax Debt Refinancing Program – PAES (REFIS II) – Up to September 30, 2009,
Light SESA has paid 75 installments, out of 120 installments. The installments were
calculated based on the total debt divided by the number of installments, subject to the
“TJLP” (long-term interest rate).
d) On February 20, 2003, Light SESA filed Writ of Mandamus 2003.51.01.005514-8
requesting an injunction that would release it from the payment of levied income and
social contribution taxes on:
(i) Profits earned by the companies LIR Energy Limited (LIR) and Light Overseas
Investment Limited (LOI) before they are effectively available, in which case
sole paragraph, Article 74 of Provisional Measure 2,158-35, of August 24, 2001
(MP 2,158-35), for the periods from 1996 to 2001, shall not apply;
(ii) Profits earned by the companies LIR and LOI before they are effectively
available, in which case Article 74, caput, of Provisional Measure 2,158-35/01,
for calendar year 2002 and following years shall not apply;
Light SESA obtained an injunction that is still effective, given that the Appeal filed by
Light against the overruling of the writ of mandamus was received with a dual effect
(returnable and suspensive), guaranteed by a definitive decision by the Superior Court of
Justice. With reference to the merits, the Appeal awaits judgment.
Based on this court decision, Light SESA suspended the payment of income and social
contribution taxes levied on taxable income of 2004, 2005, 2006, 2007 and 2008
verified due to the addition of the profits earned by companies located abroad to these
taxes calculation basis. The provision on September 30, 2009 is R$303,748 (R$298,618
on June 30, 2009), already including the monetary restatement by Selic rate.
e) The recovery amount of the state VAT (“ICMS”) on September 30, 2009 includes
R$45,275 R$55,173 on June 30, 2009) of credits deriving from the renegotiations of the
CEDAE debt in July and December 2006.
07/31/2017 14:53:45
Page:55
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
f) Refers to tax credits to offset derived from the adjustment of PIS and COFINS
calculation bases in the period from February 2004 through April 2008, due to the use of
some segment charges, such as calculation basis deduction from these taxes. In relation
to the period from November 2005 through April 2008, the amount related to credits
assessed is being transferred to consumers and the amount of R$22,954 (R$26,993 on
June 30, 2009) is recorded in Other Payables (see Note 17).
Reconciliation of effective and nominal income and social contribution taxes rates:
Earnings before Income and Social Contribution Taxes (LAIR)
Profit sharing
Adjusted income basis for taxation
Combined income and social contribution tax rate
Income and social contribution taxes at statutory rates
Income and social contribution tax effect on permanent additions and exclusions
Income and social contribution tax effect on equity in the earnings of subsidiaries - LIR/LOI
Offshore income
Deferred tax credits not recognized CVM 371/02 - Light S.A.
Adjustments to prior years
Reversal provision for IRPJ and CSLL - deferred
Tax incentives
Other
Income and social contribution taxes in income
Current IRPJ and CSLL on income
Deferred IRPJ and CSLL on income
07/31/2017 14:53:45
Consolidated
9/30/2009
9/30/2008
539,552
997,189
(16,913)
(16,298)
522,639
980,891
34%
34%
(177,697)
(333,503)
(6,832)
(14,008)
(91,335)
70,558
(12,001)
(9,787)
(3,323)
118,462
1,593
760
72
(571)
(165,524)
(292,088)
(182,746)
17,222
(165,524)
(142,717)
(149,371)
(292,088)
Page:56
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
7.
PREPAID EXPENSES
Parent Company
9/30/2009
6/30/2009
8.
CURRENT
CVA (Note 3)
Financial components – IRT (Note 3)
Other
Total
22
22
47
47
NON-CURRENT
CVA (Note 3)
Other
Total
-
-
Consolidated
9/30/2009
6/30/2009
11,016
1,264
3,476
15,756
75,536
9,302
6,357
91,195
269,640
10,733
280,373
229,665
9,839
239,504
OTHER RECEIVABLES
Parent Company
9/30/2009
6/30/2009
CURRENT
Advances to suppliers and employees
Property rental
Public lighting fee
Expenditures to refund
Subsidy to low-income segment (a)
Other
Total
19
135
154
1
135
136
NON-CURRENT
Assets and rights for disposal
Other
Total
-
-
Consolidated
9/30/2009
6/30/2009
16,937
456
23,834
15,179
14,653
9,338
80,397
12,543
515
22,466
8,034
16,465
7,205
67,228
7,231
1,497
8,728
7,231
1,497
8,728
a) Out of the amount recorded, R$3,068 has already been authorized by ANEEL, but
has not been received yet, and the amount of R$11,585 is under ratification phase.
07/31/2017 14:53:45
Page:57
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
9.
INVESTMENTS
Parent Company
9/30/2009
6/30/2009
Consolidated
9/30/2009
6/30/2009
Accounted for under the equity method:
Light SESA
Light Energia S.A.
Light Esco Prestação de Serviços Ltda
Lightger Ltda (a)
Lighthidro Ltda (a)
Itaocara Energia (a)
Subtotal
2,895,113
225,262
24,029
29,407
50
15,582
3,189,443
2,853,342
195,449
21,185
25,081
50
15,445
3,110,552
-
-
Accounted for at cost (adjusted up to December 31, 1995, when applicable)
Leased assets
Other
Subtotal
Total
3,189,443
3,110,552
3,796
11,297
4,005
19,098
19,098
3,796
11,297
3,714
18,807
18,807
(a) Pre-operating companies
INFORMATION ON SUBSIDIARIES
Light SESA
9/30/2009
Ownership interest (%)
Paid-up capital
Shareholders' equity
Income for the nine-month period
Light Energia
100
2,082,365
2,895,113
296,569
Light SESA
6/30/2009
Ownership interest (%)
Paid-up capital
Shareholders' equity
Income for the six-month period
Light Esco
100
77,422
225,262
82,208
Light Energia
100
2,082,365
2,853,342
254,798
100
7,584
24,029
6,987
Light Esco
100
77,422
195,449
52,395
100
7,584
21,185
4,143
Light Ger
100
23,791
29,407
4,326
Light Ger
100
23,791
25,081
-
Light Hidro
Instituto Light
100
50
50
-
100
300
-
Light Hidro
Instituto Light
100
50
50
-
100
300
-
Itaocara Energia
100
17,294
15,582
137
Itaocara Energia
100
17,294
15,445
-
CHANGES IN INVESTMENTS IN SUBSIDIARIES
Light SESA
Balances on 3/31/2009
Capital increase
Equity accounting
Balances on 6/30/2009
Equity accounting
Balances on 9/30/2009
07/31/2017 14:53:45
2,753,989
3
99,350
2,853,342
41,771
2,895,113
Light Energia
164,051
31,398
195,449
29,813
225,262
Light Esco
18,919
2,266
21,185
2,844
24,029
Light Ger
25,081
25,081
4,326
29,407
Light Hidro
Instituto Light
Itaocara Energia
50
50
50
-
15,445
15,445
137
15,582
Total
2,977,535
3
133,014
3,110,552
78,891
3,189,443
Page:58
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
10. PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT ACTIVITY
Historical
Cost
Generation
Transmission
Distribution
Administration
Sales
In service
948,689
17,299
6,184,250
250,352
33,083
7,433,673
Generation
Distribution
Administration
Sales
In progress
89,407
495,302
67,843
2,029
654,581
Total property, plant and equipment
Special obligations linked to concession (a)
Total property, plant and equipment, net
8,088,254
(169,844)
7,918,410
Consolidated
9/30/2009
Accumulated
Depreciation
(445,721)
(8,183)
(3,064,148)
(157,535)
(20,181)
(3,695,768)
(3,695,768)
(3,695,768)
Net
Value
6/30/2009
Net
Value
502,968
9,116
3,120,102
92,817
12,902
3,737,905
508,883
9,198
3,116,194
96,678
13,816
3,744,769
89,407
495,302
67,843
2,029
654,581
79,034
426,638
58,054
1,743
565,469
4,392,486
4,310,238
(169,844)
4,222,642
(159,516)
4,150,722
a) The balance of special obligations derives from the consumer’s financial income,
appropriation of the Federal Government and federal, state and municipal funds to finance
the work necessary to meet the electric power demand.
Consumer contribution
Consumer contribution depreciation
Donations/subsidies for investments
Depreciation of donations/subsidies for investments
Research and Development
Depreciation of research and development
Total
Consolidated
9/30/2009
6/30/2009
123,218
114,195
(3,869)
(2,782)
37,721
37,721
(1,350)
(977)
14,542
11,662
(418)
(303)
169,844
159,516
Pursuant to ANEEL Regulatory Resolution 234, special obligations linked to
concession shall be amortized at same property, plant and equipment depreciation rates,
using an average rate from the second cycle of periodic tariff review (November 2008).
Thus, annual amortization average rate of special obligations is 3.5% and was
determined taking into account distribution registration units.
(i) There are no assets or rights belonging to the Federal Government in use at the
subsidiary Light SESA.
(ii) Construction in progress includes inventories of materials for projects totaling
R$44,309 as of September 30, 2009 (R$58,535 on June 30, 2009) and a
provision for inventory loss of R$2,599 (R$2,599 on June 30, 2009).
07/31/2017 14:53:45
Page:59
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
(iii) In 3Q09, part of the expenses with the central management, in the amount of
R$7,924 (R$5,854 in 3Q08), amounting to R$17,616 in YTD 2009 (R$15,695 in
YTD 2008) was capitalized in Property, Plant and Equipment recorded by
transfer from operating expenses group - general and administrative expenses.
11. INTANGIBLE ASSETS
INTANGIBLE ASSETS
ACTIVITY
Historical
Cost
Intangible assets
Distribution
Generation
Administration
Sales
In service
183,413
5,799
76,009
163,496
428,717
Distribution
Generation
Administration
Sales
In progress
12,881
115,855
39,045
483
168,264
Total intangible assets, net
596,981
Consolidated
9/30/2009
Accumulated
Net
Amortization
Value
(159,250)
(5,664)
(56,125)
(106,373)
(327,412)
(327,412)
6/30/2009
Net
Value
24,163
135
19,884
57,123
101,305
25,003
137
21,177
63,390
109,707
12,881
115,855
39,045
483
168,264
11,637
116,288
33,089
467
161,481
269,569
271,188
Amortization
Rate p.a.
20.00
Grupo Light classifies Software as intangible assets, which are amortized at a rate of
20% p.a., and Right-of-Ways, which are not amortized, as represent the right to use
certain areas of land, usually associated with a Transmission and Distribution Line.
12. SUPPLIERS
07/31/2017 14:53:45
Page:60
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
13. LOANS, FINANCING AND FINANCIAL CHARGES
Consolidated
09/30/2009
Date of
Signature
Financing Entity
TN - Par Bond
TN -Collateral - Par Bond
TN - Discount Bond
TN - Collateral - Discount Bond
TN - C. Bond
TN - Debit. Conv.
TN - Bib
BNDES - Imports
Societe Generale II
KFW III , IV, and V - Tranche A/B/C
Foreign currency
Eletrobrás
CCB Bradesco
BNDES - FINEM
Working Capital - ABN Amro
Current
Charges
Non-Current
PR
Payment
Beginning
End
6%
U$ Treasury
Libor + 13/16
U$ Treasury
8%
Libor + 7/8
6%
BNDES basket + 4%
Libor + 0,65%
Libor + 0,65%
1
1
1
1
10
6
8
7
1
3
Sole
Sole
Sole
Sole
Semiannually
Semiannually
Semiannually
Monthly
Semiannually
Semiannually
2024
2024
2024
2024
2004
2004
1999
2000
2003
2003
2024
2024
2024
2024
2014
2012
2013
2010
2009
2010
2.124
1
-
UFIR
5%
from 2 to 120
450.000
330.462
1.542
784.128
878.737
50.985
1.691
720
246
33
129
53.805
1.181
59.829
4.710
4.710
CDI
TJLP
CDI
CDI + 0,85%
TJLP + 4,3%
CDI + 0,95%
10
60
3
Monthly and
Quarterly
Annual
Monthly
Semiannually
2012
2009
2009
2013 a
2017
2017
2014
2010
TJLP
TJLP + 2,5%
60
Monthly
2009
2014
Sundry
1.957
82.615
79.999
320
164.891
181.610
12/12/2008
SWAP
Overall Total
Non-Current
Reference date 9/30/2009
Principal Amortization
US$
US$
US$
US$
US$
US$
US$
UMBNDES
US$
US$
69.202
(35.804)
48.287
(25.119)
23.534
13.177
641
691
94.609
18/10/2007
5/11/2007
27/8/2008
Interest Rate p.a.
-
5.887
6.588
213
800
1.673
1.558
16.719
Current
Currency/Index
1.967
1.228
1.106
508
2
3
19
10
4.843
29/4/1996
29/4/1996
29/4/1996
29/4/1996
29/4/1996
29/4/1996
26/4/1996
27/3/1998
20/7/2000
3/11/2000
RGR
BNDES - PROESCO
Sundry banking warranties
Domestic currency
Principal
TN - National Treasury
PR - Remaining Installments
Financing Entity
TN - Par Bond
TN - Collateral - Par Bond
TN - Discount Bond
TN - Collateral - Discount Bond
TN - C. Bond
TN - Debit. Conv.
TN - Bib
BNDES - Imports
Societe Generale II
KFW III , IV, and V - Tranche A/B/C
Foreign currency
Eletrobrás
CCB Bradesco
BNDES - FINEM
Working Capital - ABN Amro
Date of
Signature
4/29/1996
4/29/1996
4/29/1996
4/29/1996
4/29/1996
4/29/1996
4/26/1996
3/27/1998
7/20/2000
11/3/2000
Sundry
10/18/2007
11/5/2007
8/27/2008
RGR
BNDES - PROESCO
Sundry banking warranties
12/12/2008
Promissory notes
5/15/2009
Domestic currency
SWAP
Overall Total
Consolidated
06/30/2009
Principal
Charges
Current
Non-Current
Current
Non-Current
75,955
982
(46,224)
52,999
610
(31,893)
6,456
25,825
551
7,231
14,463
252
235
822
19
1,239
4
1,837
4
1,710
759
18,708
92,706
2,422
3,808
2,454
1
82,615
233
100,000
186,656
205,364
450,000
351,114
80,000
1,630
885,198
977,904
39,216
1,775
3,042
246
15
335
1,529
46,159
48,581
2,436
2,436
Currency/Index
Interest Rate p.a.
Reference date 6/30/2009
Principal Amortization
Payment
Beginning
Sole
2024
Sole
2024
Sole
2024
Sole
2024
Semiannually
2004
Semiannually
2004
Semiannually
1999
Monthly
2000
Semiannually
2003
Semiannually
2003
6%
U$ Treasury
Libor + 13/16
U$ Treasury
8%
Libor + 7/8
6%
BNDES basket+ 4%
Libor + 0,65%
Libor + 0,65%
PR
1
1
1
1
10
6
9
10
1
3
CDI
TJLP
CDI
5%
CDI + 0,85%
TJLP + 4,3%
CDI + 0,95%
from 2 to 120
10
63
3
Monthly and
Quarterly
Annual
Monthly
Semiannually
2012
2009
2009
2013 a
2017
2017
2014
2010
TJLP
TJLP + 2,5%
60
Monthly
2009
2014
CDI
125% of CDI
1
Sole
2010
2010
US$
US$
US$
US$
US$
US$
US$
UMBNDES
US$
US$
UFIR
End
2024
2024
2024
2024
2014
2012
2013
2010
2009
2010
TN - National Treasury
PR - Remaining Installments
In addition to the collaterals indicated above, loans are guaranteed by other collaterals in
the amount of R$34,286, guarantee of Light S.A. and receivables in the approximate
amount of R$47,458.
07/31/2017 14:53:45
Page:61
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
The principal of loans and financing matures as follows (excluding financial charges):
Consolidated
Local Currency
9/30/2009
Foreign Currency
Total
Local Currency
6/30/2009
Foreign Currency
Total
2009
2010
Total (current)
21,664
143,227
164,891
9,031
7,688
16,719
30,695
150,915
181,610
44,503
142,153
186,656
10,397
8,311
18,708
54,900
150,464
205,364
2010
2011
2012
2013
2014
after 2014
Total (non-current)
20,861
83,442
158,442
158,429
137,537
225,417
784,128
6,927
12,685
9,390
6,096
2,941
56,570
94,609
27,788
96,127
167,832
164,525
140,478
281,987
878,737
121,936
83,440
158,440
158,427
137,536
225,419
885,198
7,720
13,922
10,307
6,691
3,228
50,838
92,706
129,656
97,362
168,747
165,118
140,764
276,257
977,904
Total (current and non-current)
949,019
111,328
1,060,347
1,071,854
111,414
1,183,268
In percentage terms, the variation of major foreign currencies and economic ratios in the
period, which are used to adjust loans, financing and debentures, was as follows in the
periods:
9/30/2009
(8.89)
(5.06)
(7.70)
(0.37)
2.18
2.19
USD
EUR
UMBNDES
IGP-M
CDI
SELIC
6/30/2009
(15.70)
(10.99)
(16.31)
(0.32)
2.38
2.39
Covenants
The funding of CCB Bradesco, loans with ABN Amro and BNDES FINEM, classified
as current and non-current require that the Company maintain certain debt ratios and
interest coverage. In the period ended September 30, 2009, the Company and its
subsidiaries are in compliance with all required debt covenants.
14. DEBENTURES AND FINANCIAL CHARGES
Financing Entity
BNDES - Debentures 1st Issue
th
Date of
Signature
2/16/1998
09/30/2009
Principal
Charges
Current
Non-Current
Current
Non-Current
7,652
-
Currency /
Index
Interest Rate p.a.
TJLP + 4%
1
187
-
TJLP
PR
Reference date 9/30/2009
Principal Amortization
Payment
Beginning
End
Semiannually
2000
2010
Debentures 4 Issue
6/30/2005
21
94
-
-
TJLP
TJLP + 4%
69
Monthly
2009
2015
Debentures 5th Issue
1/22/2007
55,721
886,700
18,207
-
CDI
CDI + 1,50%
18
Quarterly
2008
2014
6/1/2009
63,394
295,364
1,182,158
10,002
28,396
-
CDI
115% do CDI
1
Sole
2011
2011
Currency /
Index
Interest Rate p.a.
TJLP + 4%
2
th
Debentures 6 Issue
Local Currency
PR - Remaining Installments
Financing Entity
BNDES - Debentures 1st Issue
th
Date of
Signature
2/16/1998
Current
6/30/2009
Principal
Charges
Non-Current
Current
Non-Current
15,313
-
746
-
TJLP
PR
Reference date 6/30/2009
Principal Amortization
Payment
Beginning
End
Semiannually
2000
2010
Debentures 4 Issue
6/30/2005
19
98
-
-
TJLP
TJLP + 4%
72
Monthly
2009
2015
Debentures 5th Issue
1/22/2007
43,221
903,750
19,729
-
CDI
CDI + 1,50%
19
Quarterly
2008
2014
58,553
903,848
20,475
-
Local Currency
PR - Remaining Installments
07/31/2017 14:53:45
Page:62
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
Total principal amount is represented net of debentures issue costs, as provided for in
CVM Resolution 566/08. These costs are detailed in the table below:
9/30/2009
Issue
Amount incurred
Unearned amount
Total Cost
Debentures 1st Issue
1,039
30
Debentures 4th Issue
7,443
26
7,469
Debentures 5th Issue
4,873
7,576
12,449
Debentures 6th Issue
654
14,009
4,636
12,268
26,277
TOTAL
1,069
5,290
6/30/2009
Issue
Amount incurred
Unearned amount
1,016
Debentures 4th Issue
7,442
22
7,464
Debentures 5th Issue
4,428
12,886
8,033
8,108
12,461
TOTAL
53
Total Cost
1,069
Debentures 1st Issue
20,994
At the end of July 2009, Light SESA concluded its 6th issue of simple non-convertible
debentures. The issue totaled R$300,000, which deducted from funding costs generates
a net amount of R$295,364, with remuneration of 115% of the CDI rate, defined in a
bookbuilding process. The debentures, issued on June 1, 2009, were approved by CVM
on July 21, 2009, with cash inflow on July 24, 2009. Amortization shall occur on a
single installment, on June 1, 2011. Debentures were allocated for early redemption of
the 1st issue of promissory notes of Light SESA, in the amount of R$100,000, and also
to increase the Company’s working capital.
The portions related to the principal of debentures have the following maturities
(excluding financial charges):
Consolidated
9/30/2009
6/30/2009
2009
2010
Total (current)
4,537
58,857
63,394
16,758
41,795
58,553
2010
2011
2012
2013
2014
after 2014
Total (non-current)
13,753
366,911
198,241
268,241
335,003
9
1,182,158
34,120
68,240
198,240
268,240
334,995
13
903,848
Total
1,245,552
962,401
07/31/2017 14:53:45
Page:63
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
Covenants
Classified in the current and non-current, the 5th and 6th Issues of Debentures require the
maintenance of indebtedness indicators and interest coverage. In the period ended
September 30, 2009, the Company and its subsidiaries complied with all the covenants
required.
15. REGULATORY CHARGES – CONSUMER CONTRIBUTIONS
Consolidated
9/30/2009
6/30/2009
CURRENT
Fuel usage account quota – CCC
Energy development account quota – CDE
Reversal global reserve quota – RGR
Charges for capacity and emergency acquisition
18,235
17,173
6,699
76,044
118,151
10,954
17,173
6,699
76,044
110,870
16. PROVISION FOR CONTINGENCIES
Light S.A. and its subsidiaries are party in tax, labor and civil lawsuits and regulatory
proceedings in several courts. Management periodically assesses the risks of
contingencies related to these proceedings, and based on the legal counsel’s opinion
records a provision when unfavorable decisions are probable and whose amounts are
quantifiable. In addition, the Company does not record assets related to lawsuits with a
less-than-probable chance of success, as they are considered uncertain.
Provisions for contingencies are as follows:
Consolidated
Current
Non-Current
9/30/2009
6/30/2009
9/30/2009
6/30/2009
597
157,943
154,571
256,186
261,523
520,705
516,300
1,640
82,612
82,085
2,237
1,017,446
1,014,479
Labor
Civil
Tax
Other
Total
Liabilities
Labor
Civil
Tax
Other
Total
Balance on
6/30/2009
154,571
261,523
516,300
82,085
1,014,479
07/31/2017 14:53:45
Additions
7,297
12,234
19,531
Restatement
2,388
4,405
527
7,320
Write-offs
Payments
Reversals
(3,925)
(13,943)
(6,016)
(17,868)
(6,016)
Balance on
9/30/2009
157,943
256,186
520,705
82,612
1,017,446
Judicial Deposits
42,064
31,640
9,716
83,420
Page:64
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
LIGHT S.A.
September 30, 2009
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
16.1 Labor Contingencies
There are 3,801 labor-related legal proceedings in progress (3,863 on June 30, 2009) in
which the Company and its subsidiaries are the defendants. These labor proceedings
mainly involve the following matters: overtime; hazardous work wage premium; equal
pay; pain and suffering; subsidiary/joint liability of employees from outsourced
companies; difference of 40% fine of FGTS (Government Severance Indemnity Fund
for Employees) derived from the adjustment due to understated inflation.
We point out that in December 2007, the subsidiary Light SESA was notified to reply to
a public civil action filed by the Public Prosecution Office of Labor of the 1st Region,
contesting on court the fact that the Company engages other companies to provide
services related to its ancillary activities. Referred lawsuit was granted relief on April 4,
2008. A suspensive effect was granted to the Ordinary Appeal lodged by Light SESA.
On March 25, 2009, Light’s Ordinary Appeal was heard and granted by unanimous vote
of the 8th Chamber of the Regional Labor Court. Light filed a review appeal restricted to
standing to sue. Light SESA’s legal counsel believe in a favorable decision in these
actions.
16.2 Civil Contingencies
The Company and its subsidiaries are defendants in approximately 40,320 civil legal
proceedings (40,220 on June 30, 2009), of which 14,047 are in the state and federal
courts, referring to Civil Proceedings, (13,375 on June 30, 2009). Claims that can be
accurately assessed amount to R$610,745 (R$494,646 on June 30, 2009) and those in
Special Civil Courts amount to 26,273 (26,845 on June 30, 2009), totaling R$367,023
(R$365,314 on June 30, 2009).
Civil Contingencies
Accrued Value (probable loss)
9/30/2009
6/30/2009
a) Civil proceedings
b) Special civil court
c) "Cruzado" Plan
109,344
32,859
113,983
118,974
30,911
111,638
Total
256,186
261,523
a) The Provision for civil proceedings comprises lawsuits in which Light SESA is the
defendant and it is probable the claim will result in a loss in the opinion of the
respective attorneys. The claims mainly involve alleged moral and property damage
as well as consumers challenging the amounts paid.
The Company is also party to civil proceedings whose risk of loss is believed by
Management to be less than probable, based on the opinion of its legal counsel.
07/31/2017 14:53:45
Page:65
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
Therefore, no provision was established. The amount, currently assessed, concerning
these claims is R$352,382 (R$330,819 on June 30, 2009).
Light SESA is also involved in Public and Class Civil Actions, contesting in court
fees, rates and charges, contracts, equipment, “Cruzado Plan”, interest, among others.
On September 30, 2009, the Management could not assess the amount involved in
each one of these actions due to their nature, comprehensiveness and need of
settlement of these claims.
On November 18, 2008, the Company, managers and shareholders took cognizance
of a class civil action filed by an individual at the Court of Belo Horizonte, in the
state of Minas Gerais, alleging among others, irregularities in the acquisition of share
control of Light S.A.. The attorneys defending this action deem as remote the chances
of an unfavorable decision.
b) Lawsuits in the Special Civil Court are mostly related to matters regarding consumer
relations, such as improper collection, undue power cut, power cut due to
delinquency, network problems, various irregularities, bill complaints, meter
complaints and problems with ownership transfer. There is a limit of 40 minimum
monthly wages for claims under procedural progress at the Special Civil Court.
Accruals are based on the moving average of the last 12 months of condemnation
amount.
c) There are civil actions in which some industrial consumers have challenged, in court,
the increases in electric power tariff rates approved in 1986 by the National
Department of Water and Electric Power (“Cruzado Plan”).
16.3 Tax Contingencies
The provisions established for tax contingencies are as follows:
Tax Contingencies
Accrued Value (probable loss)
9/30/2009
a) PIS/COFINS
b) PIS/COFINS – RGR and CCC
c) INSS – tax deficiency notice
d) INSS – quarterly
e) Law 8,200/91
f) ICMS
g) Social Contribution
h) CIDE
i) Other
Total
221,816
17,991
39,159
97,246
20,783
88,039
27,699
4,748
3,224
520,705
6/30/2009
219,652
17,922
38,758
95,942
20,578
88,039
27,517
4,703
3,189
516,300
a) PIS/COFINS: Light SESA was party of two lawsuits contesting on court the charge of these
contributions, pursuant to Law 9,718/98, as follows:
07/31/2017 14:53:45
Page:66
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
LIGHT S.A.
September 30, 2009
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
In the first one, Light SESA challenged in court the changes introduced by said Law
concerning (i) the increase in their calculation basis and (ii) increase in COFINS rate
from 2% to 3%. In the appeal filed by Light SESA in Supreme Federal Court it was
rendered a final and unappealable decision regarding the increase of calculation basis,
considering an unconstitutionality action of Article 3, paragraph 1, of Law 9,718/98,
with the respective reversal of the provision taking place in the 2nd quarter of 2008, in
the amount of R$432,358, in counterpart to the “financial expenses” item.
In the second one, Light SESA has been challenging the lapse of enforceability of part
of the amounts claimed in the January 31, 2007 Collection Letter issued by the Internal
Revenue Service, as the federal tax authorities did not request payment within the legal
term. A temporary injunction was granted and maintained by the Regional Federal Court
to suspend the charge, and currently the appeals to Higher Courts are pending judgment.
In relation to the merits, the judgment in low court is awaited, and, according to the
Company’s legal counsel, the decision is estimated as a possible loss.
On September 30, 2009, the amount of R$221,816 (R$219,652 on June 30, 2009)
related to the increase in the COFINS rate from 2% to 3% remains provisioned.
b) PIS/COFINS – RGR and CCC: The contingency amount corresponds to the portion
not included in PAES payment in installments regarding the application of the ex-officio
fine, in which Light SESA was not successful in the regulatory cases but had a favorable
court decision, in which the Company awaits the appeal decision of the Federal
Government. This amount also includes the portion corresponding to the increase in the
COFINS rate related to the period of April 1999 to December 2000, which is under
administrative discussion. The amount variation between September 30, 2009 and June
30, 2009 is due to the adjustment based on the SELIC rate.
c) INSS – Tax Infringement Notices: In December 1999, the INSS issued tax
infringement notices to the Company on the grounds of joint liability, withholdings on
services rendered by contractors, and levy of the social security contribution on
employee profit sharing. The amount variation between September 30, 2009 and June
30, 2009 is due to the adjustment based on the SELIC rate.
d) INSS – Quarterly: Light SESA challenges the constitutionality of Law 7,787/89,
which increased the rate of social security contribution taxes assessed on payroll, noting
that there was a consequent increase in the calculation basis in the period from July to
September 1989. Light SESA was able to offset the social security contribution amounts
payable according to advance protections that was previously granted. Management
recorded provision, for the total amount of the tax infringement notices issued by the
INSS based on the legal counsel’s opinion. The amount variation between September
30, 2009 and June 30, 2009 is due to the adjustment based on the SELIC rate.
e) Law 8,200/91: The provision recorded is due to the fully use of the 1991 and 1992
07/31/2017 14:53:45
Page:67
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
LIGHT S.A.
September 30, 2009
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
depreciation expenses, and no longer apply the provisions of Law 8,200/91, Article 3,
item I. The lawsuit was accepted by the lower and higher courts, and the appeal filed by
the Federal Government in Supreme Federal Court is pending judgment. The amount
variation between September 30, 2009 and June 30, 2009 is due to the adjustment based
on the SELIC rate.
f) ICMS: The provision recorded is mainly related to litigation on the application of
State Law 3,188/99, which limited the manner of receiving credits from ICMS levied in
the acquisitions of assets allocated to property, plant and equipment, requiring the
receipt in installments, while this limitation was not provided for in the Complementary
Law 87/96. There are other tax infringement notices which have been challenged at the
regulatory and judicial levels. The adjustment of this provision is annually carried out, in
January, by the UFIR (Fiscal Reference Unit).
g) Social Contribution: The provision recorded is related to (i) deductibility of interest
on capital paid to shareholders in calendar year 1996 from the CSLL (Social
Contribution on Profit) tax basis, in which the preliminary injunction was granted and a
guarantee was partially granted, and the appeal filed by the Federal Government is
pending judgment; and (ii) lack of addition of the amounts related to the PIS/COFINS
provision to the social contribution calculation basis, the payment of which was
suspended. With the completion of administrative level, a tax foreclosure has been filed
and the Company made a full deposit of litigated amount, as well as it filed a motion to
stay execution. The amount variation between September 30, 2009 and June 31, 2009
refers to the adjustment of the SELIC.
h) Economic Intervention Contribution Credit (“CIDE”): It is the provision related to
CIDE levied on service payments remitted abroad. The low court decision was
unfavorable, and Light SESA awaits the appeal judgment. Since December 2003, the
subsidiary has been paying the amounts due.
The Company and its subsidiaries are also parties to tax, regulatory and legal
proceedings in which Management, based on the opinion of its legal counsel, believes
the risks of loss are possible, and based on that no provision was recorded. Currently,
the quantifiable amount of these proceedings is R$1,159,400 (R$1,152,300 on June 30,
2009).
The main tax proceedings deemed as possible loss or that had effects in the third quarter
of 2009 are as follows:
(i) IN 86. Light SESA was subjected to a fine by the Internal Revenue Service due to
the fact that the Company did not comply with service of process for the delivery of
electronic files between 2003 through 2005. The challenge was deemed groundless.
Currently, the voluntary appeal lodged by Light is pending judgment. The restated
amount of the fine up to September 30, 2009 is R$236,300 (R$232,200 on June 30,
2009).
07/31/2017 14:53:45
Page:68
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
LIGHT S.A.
September 30, 2009
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
(ii) ICMS (Aluvale). These are tax foreclosures related to the ICMS deferral in the
supply of electric power for the consumer ALUVALE, an electro-intensive industrial
consumer. A motion to stay was filed. Motions to stay were deemed groundless in three
tax foreclosures and Light brought the corresponding appeals. The amount of these tax
foreclosures on September 30, 2009 is R$168,800 (R$168,800 on June 30, 2009).
(iii) IRRF – Disallowance of tax offset. Light was given a decision informing about the
non-ratification to offset IRRF credits over temporary cash investments and IRRF of
electricity bills paid by public authorities, which were offset due to negative balance of
IRPJ in 2002. As a result, Light filed a Motion to Disagree, which is pending judgment.
The amount involved on September 30, 2009 is R$178,000 (R$176,100 on June 30,
2009).
(iv) Other. In addition to the cases mentioned above, there are other judicial and
administrative litigations, deemed as probable losses by the legal counsel, mainly (a)
ICMS on low-income subsidy; (b) transfer of ICMS credit (RHEEM company); (c) PIS,
COFINS, IRPJ and CSLL Voluntary Disclosure; (d) ISS on regulated services; (e) nonratification of the COFINS offset with IRPJ negative balance; (f) no ratification of
COFINS offset with CSLL negative balance – 1999 calendar year; and (g) no
ratification of COFINS offset with CSLL negative balance – 2002 and 2003 calendar
years. The amount involved in these litigations is R$222,600 on September 30, 2009
(R$221,700 on June 30, 2009).
(v) Up to September 30, 2009, Light SESA received 29 lawsuits (18 on June 30, 2009)
filed by business clients challenging PIS and COFINS transferred to electricity bills,
pleading the reimbursement of all amounts unduly paid. According to the legal counsel
opinion, the chances of loss are deemed as possible, and no provision was recorded.
(vi) Light SESA is also involved in several lawsuits related to the Municipal Real Estate
Tax (IPTU) and the Rural Land Tax (ITR), whose probability of loss is deemed as
possible, according to the company’s attorneys, and for this reason a provision was not
recorded. The amount related to these proceedings is R$302,200, according with the last
statement. In one of the lawsuits concerning ITR, a final decision was favorable to Light
in the administrative area for cancelling the specific debt. The amount involved in this
lawsuit is R$11,800.
Remote Losses
Proceedings deemed as remote losses by the Company’s and subsidiaries’ legal counsel
were not provisioned.
07/31/2017 14:53:45
Page:69
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
LIGHT S.A.
September 30, 2009
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
16.4 Other Contingencies
a) Administrative Regulatory Contingencies
The subsidiary Light SESA has regulatory contingencies derived from administrative
challenges against ANEEL:
a.1) Low Income – ANEEL’s Inspection Report RF-LIGHT-04/2007-SFE of August
2007, concerning the inspection carried out between July 2, 2007 and July 13, 2007,
challenged the granting of the social tariff to some consumers in the period and deemed
as undue part of the subsidies ratified and received by Light SESA from Eletrobrás in
the amount of R$266,379. On September 29, 2009, Light received from ANEEL the
Directive Release 552/2009-SFE, which informed that the aforementioned Inspection
Report is suspended while ANEEL reviews the inspection method. Since ANEEL has
not rendered a final decision yet, the Company maintained a provision recorded in the
amount of R$53,381, to cover the risk of having to refund part of the subsidy already
received.
a.2) ANEEL’s Infringement Notice 009/2005 – the notice was issued on March 15, 2005
under the argument that Light SESA had: (i) incorporated the subsidiaries LIR Energy
Limited and Light Overseas Investments without prior consent of ANEEL (R$1,144);
(ii) performed operations with these companies without prior consent of ANEEL –
(R$2,287); and (iii) not complied with ANEEL’s order of cancelling operations and
closing companies’ activities (R$3,431). After appeals had been filed, the fine related to
item (iii) was excluded, and fines associated with items (i) and (ii) were maintained. The
penalty associated to item (ii) was paid, while a writ of mandamus was filed regarding
the fine related to item (i), with court deposit in the amount of R$1,655 (original amount
restated by the SELIC rate up to the deposit date). After decision rendered on November
23, 2007 of refusing writ of mandamus security, the Requests of Clarification were filed,
and consequently rejected by decision rendered on December 17, 2007. Against the
judgment, Light SESA filed an appeal on January 25, 2008, requiring a supersedeas to
that appeal. On September 10, 2008, a decision was rendered to which an appeal was
filed for remanding purposes only. Finally, on September 17, 2008, Bill of Review
2008.0.00.046455-8 was filed, in order to obtain the supersedeas to the appeal, avoiding
the fact that the amounts expended in the lawsuit were verified. The Bill of Review was
distributed to the Federal Superior Court Judge, who has not issue an opinion on the
request of advance protection yet. The amount as of September 30, 2009 is R$2,094
(R$2,048 on June 30, 2009).
b) Environmental Contingencies
The public civil action proposed by the Municipality of Barra do Piraí against
subsidiary Light SESA, in which the plaintiff requests the remediation and recovery of
several environmental damages caused by the construction of the Santa Cecília and
Santana plants, as an integral part of the transposition system of waters from the Rio
07/31/2017 14:53:45
Page:70
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
Paraíba do Sul basin to the Rio Guandu basin, feeding the Fontes, Nilo Peçanha and
Pereira Passos plants. Currently, the activity ceased, as the parties are trying to reach an
agreement.
There is a collection lawsuit concerning this public civil action which alleges that
certain obligations were not complied with during the construction of the Santa Cecília
e Santana plants, particularly regarding the aggradation and reforestation of the region.
The suggested lawsuit amounts to R$900. The ruling of the lawsuit equally depends on
expert examination and it is not possible to estimate the value of a possible adverse
judgment.
The sum of historical lawsuit values is approximately R$16,000, and the likelihood of
loss of both actions is possible. Despite this being a possible outcome, as of September
30, 2009, the provision is R$6,000. Due to deverticalization, this provision was
recorded at Light Energia.
17. OTHER PAYABLES
Parent Company
9/30/2009
6/30/2009
CURRENT
Advance from clients
CVA (Note 3)
Compensation for use of water resources
Energy Research Company – EPE
National Scientific and Technological Development Fund – FNDCT
Energy Efficiency Program – PEE
Research and Development Program – P&D
Portion "A" (Note 3)
Public lighting fee
Other tariff charges (Note 3)
Other debts - reimbursement to consumers (Note 6-f)
Other
Total
NON-CURRENT
CVA (Note 3)
Provision for regulatory liabilities - overcontracting of energy
Reversal reserve
Use of Public Asset - UBP
Other
Total
Consolidated
9/30/2009
6/30/2009
1,185
254
1,439
1,188
239
1,427
13,378
8,166
3,444
855
1,710
143,330
73,886
22,918
46,740
1,002
22,954
40,577
378,960
10,756
49,551
3,570
878
1,757
135,785
73,090
16,220
45,914
5,787
26,993
37,911
408,212
-
-
2,109
7,962
69,933
115,779
8,471
204,254
977
7,962
69,933
116,211
9,832
204,915
18. PENSION PLAN AND OTHER EMPLOYEE BENEFITS
Light SESA sponsors Fundação de Seguridade Social – BRASLIGHT, a nonprofit closed
pension entity, whose purpose is to provide retirement benefits to the Company’s employees and
pension benefits to their dependents.
07/31/2017 14:53:45
Page:71
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
LIGHT S.A.
September 30, 2009
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
BRASLIGHT was incorporated in April 1974 and has three plans - A, B and C – established in
1975, 1984 and 1998, respectively, with about 96% of the active participants of the other plans
having migrated to Plan C.
Plans A and B are of the Defined Benefit type and Plan C provides mixed benefit. All are
currently in effect.
07/31/2017 14:53:45
Page:72
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
On October 2, 2001, the Secretariat for Pension Plans (“SPC”) approved an agreement for
resolving the technical deficit and refinancing unamortized reserves, which are being amortized
in 300 monthly installments beginning July 2001. Up to May 2009, installments had been
adjusted based on the IGP-DI (general price index – domestic supply) variation (with one-month
lag) and actuarial interest of 6% per annum. As of June 2009, IPCA (with one-month lag)
replaced IGP-DI as restatement index.
Transactions occurred in the quarters in net actuarial liabilities were the following:
Total
Consolidated
Pension Plan on 3/31/2009
1,017,999
Amortizations in the quater
Restatements in the quarter
Tranfer from non-currrent to current
Pension Plan on 6/30/2009
(23,177)
11,296
1,006,118
Amortizations in the quater
Restatements in the quarter
Tranfer from non-currrent to current
Pension Plan on 9/30/2009
(23,370)
22,277
1,005,025
Current
Non-Current
93,780
924,219
(23,177)
1,041
21,825
10,255
(21,825)
93,469
912,649
(23,370)
1,985
22,407
20,292
(22,407)
94,491
910,534
19. RELATED-PARTY TRANSACTIONS
The Company’s main shareholders are:

Controlling Group - Rio Minas Energia Participações S.A – RME, jointly-owned
subsidiary of Companhia Energética de Minas Gerais – CEMIG, Andrade
Gutierrez Concessões, Luce do Brasil Fundo de Investimento em Participações
and Equatorial Energia.

BNDESPAR
Direct and indirect interests in operating subsidiaries are outlined in the Note 1.
07/31/2017 14:53:45
Page:73
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
A summary of related-party transactions occurred in the first periods of 2009 and 2008
is presented below:
Item
Contracts with the same group
Relationship with Light SA.
Original Amount
Maturity date or
term
Conditions for
termination or
end
Remaining
balance
Agreement Conditions
9/30/2009
(Agreement objectives and characteristics)
R$ thousnd
1
Strategic agreement
Purchase agreement of electricity between Light SESA
and CEMIG
CEMIG (party of the
controlling group)
2
Strategic agreement
Sale agreement of electricity between Light Energia and
CEMIG
CEMIG (party of the
controlling group)
3
Strategic agreement
Collection of distribution system usage charges between
Light SESA and CEMIG
CEMIG (party of the
controlling group)
4
Strategic agreement
Commitment to the basic electric network usage charges
between Light SESA and CEMIG
CEMIG (party of the
controlling group)
5
Strategic agreement
Commitment to the basic electric network usage charges
between Light Energia and CEMIG
CEMIG (party of the
controlling group)
R$ thousnd
Date
01/01/2006
12/31/2038
614,049
Jan/2005
Dec/2013
30% of
remaining
balance
545,175
N/A
156,239
83,012
Nov/2003
Undetermined
N/A
-
170
Dec/2002
Undetermined
N/A
-
1,712
Dec/2002
Undetermined
N/A
-
10
Price established in the
regulated market
Price established in the
regulated market
Price established in the
regulated market
Price established in the
regulated market
Price established in the
regulated market
Strategic agreement
6
Electricity sale commitment between Light Energia and
CEMAR*
Equatorial (party of the
controlling group)
Jan/2005
Dec/2013
Price established in the
regulated market
N/A
61,214
33,354
Loans
7
FINEM
BNDES
Nov/2007
Sept2014
N/A
549,331
TJLP + 4.3%
414,768
Loans
Line of credit
BNDES
8
Mar/1999
Apr/2010
N/A
14,147
BNDES Basket + 4%
803
Loans
Debentures 1st issue - non-convertible
BNDES
9
Jan/1998
Jan/2010
N/A
105,000
TJLP + 4% p.a.
7,839
Loans
10
Pró Esco and Energy Efficiency Project of Condomínio
Edifício Santos Dumont
BNDES
Dec/2008
Oct/2014
N/A
596
TJLP + 2.5%
1,895
Loans
11
Debentures 4th issue - convertible
BNDES
Jun/2005
Jun/2015
N/A
767,252
TJLP + 4% p.a.
115
Pension Plan
12
Fundação de Seguridade Social (Social Security
Foundation) - BRASLIGHT
BRASLIGHT (party of the
controlling group)
Jun/2001
535,052
Jun/2026
N/A
IPCA+ 6% p.a
1,005,025
* Equatorial Energia S.A.’s subsidiary.
07/31/2017 14:53:45
Page:74
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
A summary of agreements executed with related parties is presented below:
Contracts with the same group
Item
Consolidated
Relationship with Light SA.
Assets
(Agreement objectives and characteristics)
09/30/2009
1
Strategic agreement
Purchase agreement of electricity between Light SESA
and CEMIG
CEMIG (party of the
controlling group)
2
Strategic agreement
Sale agreement of electricity between Light Energia and
CEMIG
CEMIG (party of the
controlling group)
3
Strategic agreement
Collection of distribution system usage charges between
Light SESA and CEMIG
CEMIG (party of the
controlling group)
4
Strategic agreement
Commitment to the basic electric network usage charges
between Light SESA and CEMIG
CEMIG (party of the
controlling group)
5
Strategic agreement
Commitment to the basic electric network usage charges
between Light Energia and CEMIG
CEMIG (party of the
controlling group)
Liabilities
06/30/2009
09/30/2009
-
-
2,628
2,446
-
170
169
-
-
10
10
1,086
982
9,248
Revenue
06/30/2009
09/30/2009
12,147
Expenses
09/30/2008
09/30/2009
09/30/2008
-
75,457
65,065
16,673
15,826
-
-
1,531
1,505
-
-
-
11,315
9,607
-
-
1,712
1,479
-
-
86
82
-
6,709
6,246
-
-
Strategic agreement
6
Electricity sale commitment between Light Energia and
CEMAR*
Equatorial (party of the
controlling group)
Loans
7
BNDES
FINEM
-
414,768
435,504
-
-
803
1,243
-
(293)
-
7,839
16,059
-
997
2,159
-
1,895
1,878
-
72
32
-
115
117
-
59
461
-
1,005,025
1,006,118
-
42,765
124,995
Loans
BNDES
Line of credit
8
375
Loans
BNDES
Debentures 1st issue - non-convertible
9
Loans
10
BNDES
Pró Esco and Energy Efficiency Project of Condomínio
Edifício Santos Dumont
Loans
11
BNDES
Debentures 4th issue - convertible
Pension Plan
12
Fundação de Seguridade Social (Social Security
Foundation) - BRASLIGHT
BRASLIGHT (party of the
controlling group)
* Equatorial Energia S.A.’s subsidiary.
Related-party transactions have been executed under usual market conditions.
Additional information – agreements in progress
Light, in order to potentialize its capacity of developing and implementing new
generation projects and taking into account the recognized capacity in this area of its
shareholder Companhia Energética de Minas Gerais – CEMIG (“Cemig”), Light entered
into Heads of Agreement (“Agreement”) which, among other provisions, establishes that
the parties will jointly prepare business plans for the development and implementation
of energy generation projects (“Generation Projects”). The Agreement also determines
that the parties will execute specific instruments for each of the Generation Projects to
be implemented and the Company’s interest directly or by means of its subsidiaries in
each one of these consortia will be fifty-one percent (51%) and CEMIG’s interest,
directly or by means of its subsidiaries will be forty-nine percent (49%).
Light, which already has in its portfolio projects under development, formalized by
means of its subsidiaries, Lightger Ltda., Itaocara Energia Ltda. and Light Energia S.A.,
three consortium agreements with Cemig Geração e Transmissão S.A. (“Cemig GT”),
07/31/2017 14:53:45
Page:75
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
wholly-owned subsidiary of Cemig, aiming the exploration of hydroelectric projects in
the regions of Paracambi, Itaocara and Lajes, respectively.
All private instruments mentioned above were executed by the parties under suspensive
conditions, therefore, their effectiveness relies on obtaining authorizations or
endorsements required by regulatory authorities, including but not limited to ANEEL.
20. SHAREHOLDERS’ EQUITY
a) Capital Stock
The capital of Light S.A is represented by 203,934,060 book-entry common shares, with
no par value, as of September 30, 2009, recorded as Capital Stock in the total amount of
R$2,225,822, as follows:
SHAREHOLDERS
Controlling Group
RME Rio Minas Energia Participações S.A.
Lidil Comercial Ltda
Other
BNDES Participações S.A. - BNDESPAR
Public and other
09/30/2009
Number of Shares
% Interest
06/30/2009
Number of Shares
% Interest
100,719,912
5,584,685
49.39%
2.74%
100,719,912
5,584,685
49.39%
2.74%
49,776,782
47,852,681
203,934,060
24.41%
23.46%
100.0%
68,555,918
29,073,545
203,934,060
33.62%
14.25%
100.0%
Light S.A. is authorized to increase its capital up to the limit of 203,965,072 common
shares through resolution of the Board of Directors, regardless of amendments to the
bylaws. However, this increase is to occur exclusively upon the exercise of the warrants
issued, strictly pursuant to the conditions of the warrants (Bylaws, Article 5, paragraph
2).
On July 14, 2009, 29,470,480 shares issued by Light S.A. were offered to the market, of
which 16,079,135 shares were held by BNDESPar and 13,391,345 shares were held by
EDF. On August 11, 2009, Banco Itaú BBA, the offering lead coordinator, fully
exercised the option to acquire an overallotment of 2,700,000 shares owned by
BNDESPAR. Therefore, the total number of shares offered was 32,170,480, of which
18,779,136 were held by BNDESPAR and 13,391,344 were held by EDF. Total shares
sold corresponded to 15.8% of the Company’s capital stock.
b)
Capital Reserve
Light S.A., pursuant to CVM Resolution 562 issued on December 17, 2008, recorded in
Shareholders’ Equity, under Capital Reserves, the amount of R$52,667 (R$42,504 on
June 30, 2009) related to the stock options granted to some of its officers, corresponding
to the vesting period already incurred up to September 30, 2009, as per Note 31.
07/31/2017 14:53:45
Page:76
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
21. ELECTRIC POWER SUPPLY
Consolidated
07.01 to 09.30
Number of billed sales (1) (2)
2009
2008
GWh (1)
2009
R$
2008
2009
2008
Residential
Industrial
Commerce, services and other
Rural
Public sector
Public lighting
Public utility
Own consumption
Billed sales
ICMS (State VAT)
Unbilled sales
3,702,644
11,993
272,633
11,162
10,079
431
1,329
331
4,010,602
-
3,623,437
12,353
269,960
10,943
9,782
353
1,431
328
3,928,587
-
1,761
458
1,388
12
317
168
263
16
4,383
-
1,714
477
1,379
11
308
171
265
17
4,342
-
564,265
95,338
414,569
2,164
97,598
24,541
51,183
1,249,658
454,589
6,673
551,820
107,431
421,816
2,361
95,945
25,320
55,143
1,259,836
456,586
10,384
TOTAL SUPPLY (3)
4,010,602
3,928,587
4,383
4,342
1,710,920
1,726,806
1,154
157
1,311
1,189
111
1,300
82,332
9,056
91,388
81,723
12,751
94,474
5,694
5,642
1,802,308
1,821,280
Electric power auction
Short-term energy
TOTAL SUPPLY
OVERALL TOTAL
4,010,602
3,928,587
(1) Not revised by the independent auditors
(2) Number of billed sales in September 2009, with and without consumption
(3) Light SESA
Consolidated
(1) (2)
01.01 to 09.30
Number of billed sales
2009
2008
GWh
2009
(1)
R$
2008
2009
2008
Residential
Industrial
Commerce, services and other
Rural
Public sector
Public lighting
Public utility
Own consumption
Billed sales
ICMS (State VAT)
Unbilled sales
3,702,644
11,993
272,633
11,162
10,079
431
1,329
331
4,010,602
-
3,623,437
12,353
269,960
10,943
9,782
353
1,431
328
3,928,587
-
5,785
1,349
4,447
37
1,029
506
799
50
14,002
-
5,563
1,387
4,364
37
975
514
804
51
13,695
-
1,893,070
303,824
1,375,607
6,973
320,744
75,657
159,407
4,135,282
1,523,465
(14,353)
1,803,009
295,002
1,342,454
7,050
254,457
75,721
160,560
3,938,253
1,438,307
(34,417)
TOTAL SUPPLY (3)
4,010,602
3,928,587
14,002
13,695
5,644,394
5,342,143
3,413
639
4,052
3,478
360
3,838
241,627
28,658
270,285
248,560
32,258
280,818
18,054
17,533
5,914,679
5,622,961
Electric power auction
Short-term energy
TOTAL SUPPLY
OVERALL TOTAL
4,010,602
3,928,587
(1) Not revised by the independent auditors
(2) Number of billed sales in September 2009, with and without consumption
(3) Light SESA
07/31/2017 14:53:45
Page:77
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
22. OTHER REVENUES
07.01 to 09.30
Leases, rentals and other
Income from network usage
Income from services rendered
Taxed service
0
Consolidated
2009
2008
10,169
6,078
117,727
147,761
5,588
10,462
728
6,771
134,212
171,072
01.01 to 09.30
Leases, rentals and other
Income from network usage
Income from services rendered
Taxed service
Consolidated
2009
2008
30,012
17,818
359,629
416,084
20,669
26,658
2,082
16,943
412,392
477,503
23. CONSUMER CHARGES (Operating Revenue Deductions)
07.01 to 09.30
CCC - Cash
CCC - CVA
CCC - CVA Amortization
CDE - Cash
CDE - CVA
CDE - CVA Amortization
Taxes Charged from Consumers - RGR
EPE - Energy Research Company
FNDCT - National Development Fund
PEE - Energy Efficiency Plan
P&D - Research and Development
Consolidated
2009
2008
(46,717)
(71,892)
(2,711)
25,633
(42,819)
12,579
(51,519)
(49,914)
366
(1,218)
9,030
(6,834)
(20,190)
(20,044)
(1,286)
(1,366)
(2,566)
(2,736)
(5,675)
(6,104)
(2,567)
(2,736)
(166,654)
(124,632)
01.01 to 09.30
CCC - Cash
CCC - CVA
CCC - CVA Amortization
CDE - Cash
CDE - CVA
CDE - CVA Amortization
Taxes Charged from Consumers - RGR
EPE - Energy Research Company
FNDCT - National Development Fund
PEE - Energy Efficiency Plan
P&D - Research and Development
Consolidated
2009
(114,041)
(33,700)
(170,763)
(154,557)
1,071
29,515
(62,586)
(4,129)
(8,252)
(18,441)
(8,253)
(544,136)
07/31/2017 14:53:45
2008
(167,859)
29,080
33,918
(149,742)
(2,093)
(17,491)
(59,592)
(4,134)
(8,265)
(18,406)
(8,130)
(372,714)
Page:78
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
24. OPERATING COSTS AND EXPENSES
07.01 to 09.30
Nature of the expense
Personnel and management
Material
Outsourced services
Electricity purchased for resale (Note 25)
Depreciation and amortization
Allowance for doubtful accounts
Provision for contingencies
Other
Total
Consolidated
Operating Expenses
Selling
General and Adm
Cost of Service
Electric Power
Operation
(722,678)
(722,678)
(36,401)
(3,776)
(28,482)
(67,371)
(4,553)
(140,583)
(3,835)
(301)
(14,564)
(252)
(57,935)
(267)
(77,154)
Consolidated
Operating Expenses
Cost of Service
01.01 to 09.30
Nature of the expense
Personnel and management
Material
Outsourced services
Electricity purchased for resale (Note 25)
Depreciation and amortization
Allowance for doubtful accounts
Provision for contingencies
Other
Total
Electric Power
(2,406,525)
(2,406,525)
(17,517)
(530)
(22,353)
(8,675)
(9,087)
(19,472)
(77,634)
Operation
Selling
(115,035)
(12,742)
(81,921)
(201,958)
(13,526)
(425,182)
General and Adm
(12,119)
(1,015)
(41,891)
(755)
(184,643)
(794)
(241,217)
(55,355)
(1,788)
(64,295)
(26,005)
(32,968)
(57,856)
(238,267)
(Reclassified)
2008
2009
(57,753)
(4,607)
(65,399)
(722,678)
(76,298)
(57,935)
(9,087)
(24,292)
(1,018,049)
(54,563)
(3,935)
(70,822)
(712,581)
(76,997)
(80,999)
6,330
(22,085)
(1,015,652)
(Reclassified)
2008
2009
(182,509)
(15,545)
(188,107)
(2,406,525)
(228,718)
(184,643)
(32,968)
(72,176)
(3,311,191)
(169,506)
(11,425)
(197,514)
(2,213,338)
(236,362)
(188,642)
(73,485)
(66,758)
(3,157,030)
25. ELECTRIC POWER PURCHASED FOR RESALE
Consolidated
GWh(1)
07.01 to 09.30
2009
CVA (Recoverable Cost Variation)
Connection charges
Spot market energy
Network usage charges
Itaipu
UTE Norte Fluminense
Other contracts and electric power auctions
National Electric System Operator (O.N.S.)
R$
2008
107
1,432
1,601
2,971
6,111
69
1,444
1,600
2,837
5,950
2009
59,241
(4,732)
(15)
(107,215)
(147,949)
(242,025)
(276,106)
(3,877)
(722,678)
2008
(34,964)
(3,882)
(7,400)
(94,539)
(127,693)
(191,791)
(249,887)
(2,425)
(712,581)
(1) Not revised by the independet auditors
Consolidated
GWh(1)
01.01 to 09.30
2009
CVA (Recoverable Cost Variation)
Connection charges
Spot market energy
Network usage charges
Itaipu
UTE Norte Fluminense
Other contracts and electric power auctions
National Electric System Operator (O.N.S.)
675
4,223
4,751
10,263
19,912
R$
2008
657
4,289
4,768
9,175
18,889
2009
123,559
(14,306)
(53,252)
(302,166)
(491,079)
(718,216)
(940,143)
(10,922)
(2,406,525)
2008
(43,166)
(11,646)
(175,310)
(267,641)
(377,178)
(571,292)
(759,678)
(7,427)
(2,213,338)
(1) Not revised by the independet auditors
07/31/2017 14:53:45
Page:79
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
26. FINANCIAL INCOME
07.01 to 09.30
REVENUES
Interest and variation on debts paid by installments
Restatement of tax credits
Charges on CVA accounts and Portion A
Income from temporary cash investments
Swap operations
Other
EXPENSES
Adjustment at present value of receivables
Restatement of tax liabilities
Restatement of provision for contingencies
Charges and monetary variations on actuarial liability of Brasilight
Interest and charges on loans and financing – foreign currency
Interest and charges on loans and financing – domestic currency
Charges on regulatory liabilities
Monetary variation – domestic currency
Exchange variation – foreign currency
Exchange variation - Itaipu
Swap operations
Other
NET FINANCIAL INCOME
01.01 to 09.30
REVENUES
Interest and variation on debts paid by installments
Restatement of tax credits
Charges on CVA accounts and Portion A
Charges on recovery of tariff margin
Charges on transactions of free energy
Income from temporary cash investments
Swap operations
Other
EXPENSES
Adjustment at present value of receivables
Restatement of tax liabilities
Restatement of provision for contingencies
Charges and monetary variations on actuarial liability of Brasilight
Interest and charges on loans and financing – foreign currency
Interest and charges on loans and financing – domestic currency
Charges on regulatory liabilities
Charges on transactions of free energy
Reversal of provision PIS/COFINS on financial income
Monetary variation – domestic currency
Exchange variation – foreign currency
Exchange variation - Itaipu
Swap operations
Other
NET FINANCIAL INCOME
07/31/2017 14:53:45
Parent Company
2009
2008
Consolidated
2009
2008
69
5
74
10
30
40
14,927
3,530
17,211
(1,761)
8,348
42,255
19,501
1,546
7,606
21,098
2,863
3,541
56,155
(175)
(175)
(29)
(29)
4,655
(6,695)
(7,321)
(22,277)
(2,912)
(49,079)
(3,518)
(387)
(379)
(3,585)
(2,684)
(94,182)
(9,526)
(3,191)
(9,028)
(38,696)
(2,942)
(52,285)
(4,504)
(7)
(24,498)
(12,481)
6,459
(9,880)
(160,579)
(101)
11
(51,927)
(104,424)
Parent Company
2009
2008
1,157
20
1,177
(416)
(416)
761
Consolidated
2009
96
41
137
2008
61,016
18,456
6,001
45,069
(10,047)
7,288
127,783
74,995
36,079
24,788
6,254
3,154
46,471
4,453
9,371
205,565
(30)
(30)
16,074
(22,284)
(37,511)
(42,765)
(10,664)
(139,741)
(10,651)
(1,102)
42,429
(6,145)
(3,632)
(215,992)
(2,638)
(31,661)
(45,752)
(124,995)
(12,540)
(143,517)
(15,927)
(4,756)
432,358
(51)
(3,634)
(5,203)
(2,160)
(12,391)
27,133
107
(88,209)
232,698
-
Page:80
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
27. FINANCIAL INSTRUMENTS
Below, we compared book and market values of Companies’ assets and liabilities:
Consolidated
09/30/2009
06/30/2009
Book value
Market Value
Book value
Market Value
ASSETS
Cash investments (Note 4)
Swaps
LIABILITIES
Loans and financing (Note 13)
Debentures (Note 14)
Swaps (Note 13)
891,114
404
891,518
891,114
404
891,518
557,789
2,320
560,109
557,789
2,320
560,109
1,060,347
1,245,552
5,891
2,311,790
1,073,857
1,245,552
5,891
2,325,300
1,183,268
962,401
2,436
2,148,105
1,199,925
962,401
2,436
2,164,762
a) Policy for utilization of derivatives
The policy for utilization of derivative instruments approved by the Board of Directors
determines the debt service protection (principal plus interest and commissions)
denominated in foreign currency to mature within 24 months, forbidding any utilization
for speculative purposes, whether in derivatives or any other risk assets.
In line with provisions of this policy, the Company and its subsidiaries do not have
futures contracts, options, swaptions, swaps with regret option, flexible options,
derivatives embedded in other products, structured operations with derivatives and
“exotic derivatives”. In addition, it is evidenced through the chart above that the single
derivative instrument used by the Company and its subsidiaries is the non-cash currency
swap (US$ versus CDI), whose Contractual Notional Value corresponds to the amount
of foreign currency-denominated debt service to expire within 24 months, in line with
the policy for the utilization of aforementioned derivatives.
b) Risk management and objectives achieved
The management of derivative instruments is conducted by means of operating
strategies, aiming liquidity, profitability and safety. The control policy consists of
permanently inspecting the policy compliance in the utilization of derivatives, as well as
to monitor the rates contracted against those used in the market.
c) Classification and measurement of financial instruments:
Concerning the calculation of market value, below the following considerations:
07/31/2017 14:53:45
Page:81
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
 Loans and receivables: consumers, concessionaires and permissionaires (clients)
are classified as “held to maturity” and are recorded by their original values, subject
to provision for losses and present value adjustment, when applicable.
 Suppliers: are measured by the “amortized cost method” and therefore, recognized
by their original value.
 Loans and financing: are measured by the “amortized cost method”. Market values
were calculated at interest rates applicable to instruments with similar nature,
maturities and risks, or based on market quotations of these securities. The market
values for BNDES financing are identical to accounting balances, since there are no
similar instruments, with comparable maturities and interest rates. In case of
debentures, book and market values are identical, as there is no liquid trading
market for these debentures as an accurate benchmark in the market calculation.
 Swap operations: are measured at the “market value”. The determination of market
value used available information in the market and usual pricing methodology: the
face value (notional) evaluation for long position (in U.S. dollars) until maturity
date and discounted at present value of clean coupon rates, published in bulletins of
Future and Commodities Exchange – BM&F Bovespa.
It is worth mentioning that estimated market values of financial assets and liabilities
were determined considering information available on the market and appropriate
valuation methodologies. Nevertheless, meaningful judgment was required when
interpreting market data to produce the most appropriate market value estimate. As a
result, estimates do not necessarily indicate the amounts that may be realized in current
exchange market.
d) Risk Factors
During the normal course of its businesses, the Company and its subsidiaries are
exposed to the market risks related to currency variations and interest rates, as evidenced
in the chart below:
Debt breakdown (excluding financial charges):
Consolidated
09/30/2009
USD
Currency basket BNDES
Foreign currency (current and non-current)
CDI
TJLP
Other
Local currency (current and non-current)
Overall total (current and non-current)
07/31/2017 14:53:45
R$
110,528
800
111,328
1,767,784
422,706
4,081
2,194,571
2,305,899
%
4.8%
0.0%
4.8%
76.7%
18.3%
0.2%
95.2%
100.0%
06/30/2009
R$
110,175
1,239
111,414
1,576,971
451,022
6,262
2,034,255
2,145,669
%
5.1%
0.1%
5.2%
73.5%
21.0%
0.3%
94.8%
100.0%
Page:82
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
LIGHT S.A.
September 30, 2009
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
On September 30, 2009, according to the chart above, the foreign currency-denominated
debt is R$111,328, or 4.83% of total debt. Nevertheless, if we include financial charges,
this amount increases to R$116,171 (US$65,334, according to U.S. dollar quote of
September 30, 2009), or 4.84% of the total debt.
Financial derivative instruments were contracted for the amount of foreign currencydenominated debt service to expire within 24 months, in the swap modality, whose
notional value on September 30, 2009 stood at US$25,795, according to the policy for
utilization of derivative instruments approved by the Board of Directors. Thus, if we
deduct this amount from total foreign currency-denominated debt, the foreign exchange
exposure represents 2.93% of total debt.
Below, we provide a few considerations and analyses on risk factors impacting the
business of Grupo Light companies:
 Foreign exchange risk
Considering that a portion of Light SESA’s loans and financing is denominated in
foreign currency, the Company uses derivative financial instruments (swap operations)
to hedge service associated with these debts (principal plus interest and commissions) to
expire within 24 months. Derivative operations resulted in a loss of R$5,344 in the third
quarter of 2009 (R$9,322 gain in 3Q08). The net amount of the swap operations as of
September 30, 2009, considering fair value, is negative at R$5,487 (negative at R$1,932
on September 30, 2008), as shown below:
07/31/2017 14:53:45
Page:83
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
Notional Value
Contracted
(US$
thousand)
Fair Value
Sept/09
(R$) Assets
Fair Value
Sept/09
(R$) Liabilities
Institution
Light's
Receivable
Unibanco
US$+3.4%
100% CDI
04/04/08
10/09/09
6,275
-
(924)
Citibank
US$+3.3%
100% CDI
04/04/08
10/15/09
35
-
(5)
Unibanco
US$+3.35%
100% CDI
04/04/08
11/16/09
35
-
(5)
Unibanco
US$+3.41%
100% CDI
04/04/08
12/08/09
922
-
(134)
Unibanco
US$+3.4%
100% CDI
04/04/08
12/15/09
34
-
(5)
Unibanco
US$+3.48%
100% CDI
04/04/08
12/28/09
449
-
(64)
Unibanco
US$+4.42%
100% CDI
08/25/08
01/15/10
32
2
-
Unibanco
US$+4.32%
100% CDI
08/25/08
02/17/10
32
2
-
Unibanco
US$+4.32%
100% CDI
08/25/08
03/10/10
70
4
-
Citibank
US$+4.32%
100% CDI
08/25/08
03/15/10
31
2
-
Citibank
US$+4.53%
100% CDI
08/25/08
04/12/10
5,889
364
-
Citibank
US$+4.32%
100% CDI
08/25/08
04/15/10
31
2
-
Itau
US$+4.45%
100% CDI
08/25/08
06/15/10
426
28
-
Citibank
US$+2.80%
100% CDI
02/10/09
09/10/10
74
-
(44)
Itau
US$+2.80%
100% CDI
02/10/09
10/11/10
5,512
-
(3,220)
Citibank
US$+2.80%
100% CDI
02/10/09
12/27/10
376
-
(220)
Itaú
US$+2.20%
100% CDI
06/18/09
03/10/11
69
-
(16)
Citibank
US$+2.33%
100% CDI
06/18/09
04/12/11
5,436
-
(1,249)
Itaú
US$+2.30%
100% CDI
09/10/09
09/12/11
67
-
(5)
Light's Payable Starting Date
Maturity Date
Totals
25,795
404
(5,891)
The amount recorded is already measured by its fair value on September 30, 2009. All
operations with derivative financial instruments are registered in clearing houses for the
custody and financial settlement of securities and there is no margin deposited in
guarantee. Operations have no initial cost.
The sensitivity analysis for foreign exchange and interest rates fluctuations is presented,
showing eventual impacts on financial result of the Company and its subsidiaries are
presented below.
The methodology used in the “Probable Scenario” considered that both foreign
exchange and interest rates will stay at the same level verified on September 30, 2009
until the end of year, with no changes to the amounts of liabilities, derivatives and
temporary cash investments verified on September 30, 2009. It is worth highlighting
that, as this refers to a sensitivity analysis of the impact on the 2009 financial result, the
following factors were taken into account: the expenses and/or financial revenues
amounts realized in 3Q09 and the projection of charges for the next three-month period
on the debt balance on September 30, 2009. It is important to mention that the behavior
of debt and derivative balances will observe their respective contracts, and the balance
of temporary cash investments will fluctuate according to the need or availability of
funds of the Company and its subsidiaries.
07/31/2017 14:53:45
Page:84
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
Exchange Rate Depreciation Risk
Operation
FINANCIAL LIABILITIES
Par Bond
Discount Bond
Flirb *
C. Bond
Debit. Conv.
New Money *
Bib
BNDES - Financ. Imports
Societe Generale
KfW
DERIVATIVES
Swaps
Risk Scenario (I): Probable
R$ thousand
Scenario (II)
Scenario (III)
USD
USD
USD
USD
USD
USD
USD
Basket
USD
USD
51,579
26,747
11,404
51
6,882
4,967
40
235
254
377
622
23,368
18,224
5,541
51
(569)
(4)
40
19
51
(43)
58
(4,844)
9,702
(325)
51
(8,020)
(4,976)
40
(197)
(151)
(462)
(506)
USD
(17,495)
(5,545)
6,406
+25%
+50%
2.2226
2.66715
Reference for financial assets and liabilities
Financial
R$/US$ exchange rate (end of the quarter)
1.7781
Exchange Rate Appreciation Risk
Operation
FINANCIAL LIABILITIES
Par Bond
Discount Bond
Flirb *
C. Bond
Debit. Conv.
New Money *
Bib
BNDES - Financ. Imports
Societe Generale
KfW
DERIVATIVES
Swaps
Reference for financial assets and liabilities
Financial
R$/US$ exchange rate (end of the quarter)
Risk Scenario (I): Probable
R$ thousand
Scenario (IV)
Scenario (V)
USD
USD
USD
USD
USD
USD
USD
Basket
USD
USD
51,578
26,747
11,403
51
6,882
4,967
40
235
254
377
622
79,790
35,270
17,267
51
14,333
9,938
40
451
457
797
1,186
108,002
43,793
23,131
51
21,784
14,909
40
667
660
1,216
1,751
USD
(17,495)
(29,446)
(41,397)
-25%
-50%
1.3336
0.8891
1.7781
* Loans settled in the second quarter, whose stress scenario will not therefore vary.
Considering the chart above, it is possible to identify that despite partial hedge against
foreign currency-denominated debt (only limited to debt service to expire within 24
months), as R$/US$ exchange rate increases, liabilities financial expense also increases
but financial revenues of derivatives also partially offset this negative impact and vice-
07/31/2017 14:53:45
Page:85
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
versa. Thus, cash is hedged due to the derivatives policy of the Company and its
subsidiaries.
 Interest rate risk
This risk derives from impact of interest rates fluctuation not only over financial
expense associated with loans and financing of subsidiaries, but also over financial
revenues deriving from temporary cash investments. The policy for utilization of
derivatives approved by the Board of Directors does not comprise the contracting of
instruments against such risk. Nevertheless, the Company and its subsidiaries
continuously monitor interest rates so that to evaluate eventual need of contracting
derivatives to hedge against interest rates volatility risk.
See below the sensitivity analysis of interest rate risk, evidencing the effects on variation
results in the scenarios:
Risk of Interest Rate Increase
Operation
Risk
R$ thousand
Scenario (I): Probable Scenario (II)
FINANCIAL ASSETS
Temporary cash investments
CDI
64,492
69,347
74,203
FINANCIAL LIABILITIES
Scenario (III)
(223,831)
(235,082)
(246,391)
CDI
CDI
CDI
(104,397)
(47,030)
(8,575)
(109,421)
(49,407)
(8,998)
(114,472)
(51,797)
(9,423)
TJLP
(1,143)
(1,172)
(1,201)
TJLP
TJLP
TJLP
CDI
(14)
(43,143)
(111)
(2,216)
(14)
(44,707)
(118)
(2,216)
(15)
(46,276)
(125)
(2,216)
Debentures 6 issue
CDI
(17,202)
(19,029)
(20,866)
DERIVATIVES
Swaps
CDI
(17,495)
(17,766)
(18,032)
Reference for FINANCIAL ASSETS
CDI (% YTD)
9.84%
+25%
10.37%
+50%
10.89%
Reference for FINANCIAL LIABILITIES
CDI (% YTD)
TJLP (% YTD)
9.84%
6.21%
+25%
10.37%
6.59%
+50%
10.89%
6.97%
th
Debentures 5 issue
CCB Bradesco
CCB Bco ABN Amro Banking S/A
st
Debentures 1 issue
th
Debentures 4 issue
FINEM BNDES
PROESCO
Promissory Notes R$100 million*
th
07/31/2017 14:53:45
Page:86
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
Risk of Interest Rate Reduction
Operation
Risk
R$ thousand
Scenario (I): Probable Scenario (IV)
FINANCIAL ASSETS
Temporary cash investments
CDI
64,492
59,636
54,780
FINANCIAL LIABILITIES
Scenario (V)
(223,831)
(212,635)
(201,495)
CDI
CDI
CDI
(104,397)
(47,030)
(8,575)
(99,398)
(44,664)
(8,154)
(94,425)
(42,310)
(7,735)
TJLP
(1,143)
(1,114)
(1,085)
TJLP
TJLP
TJLP
CDI
(14)
(43,143)
(111)
(2,216)
(13)
(41,585)
(104)
(2,216)
(13)
(40,033)
(97)
(2,216)
Debentures 6 issue
CDI
(17,202)
(15,387)
(13,581)
DERIVATIVES
Swaps
(17,495)
(17,221)
(16,943)
CDI
Reference for FINANCIAL ASSETS
CDI (% YTD)
9.84%
-25%
9.30%
-50%
8.75%
Reference for FINANCIAL LIABILITIES
CDI (% YTD)
TJLP (% YTD)
9.84%
6.21%
-25%
9.30%
5.83%
-50%
8.75%
5.44%
th
Debentures 5 issue
CCB Bradesco
CCB Bco ABN Amro Banking S/A
st
Debentures 1 issue
th
Debentures 4 issue
FINEM BNDES
PROESCO
Promissory Notes R$100 million*
th
* Loans settled in the third quarter, whose stress scenario will not therefore vary.
 Credit risk
It derives from the Company and its subsidiaries eventually suffering losses deriving
from default of counterparties or financial institutions depositary of funds or financial
investments. To mitigate these risks, the Company and its subsidiaries adopt the
analysis of financial and equity position of its counterparties as practice, as well as the
definition of credit limits and permanent monitoring of outstanding positions.
Concerning financial institutions, the Company and its subsidiaries only carry out
operations with low-risk financial institutions classified by rating agencies.
07/31/2017 14:53:45
Page:87
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
28. INSURANCE
The Company and its subsidiaries have insurance covering its main assets:
The assumptions of risks adopted, given their nature, are not included in the scope of a
special review; accordingly, they were not reviewed by independent auditors.
Insurance coverage as of September 30, 2009 is considered sufficient by Management,
as summarized below:
Effective Term
From
To
RISKS
Directors & Officers (D&O)
Civil and general liabilities
Operating risks*
8/10/2009
9/25/2009
10/31/2008
8/10/2010
9/25/2010
10/31/2009
Amount
Insured
Premium
US$20,000
R$20,000
R$2,259,176
US$ 81
R$452
R$1,108
* The agreement was renewed and shall be effective from 10/31/2009 to 10/31/2010, with the new insured amount of R$3,572,187 and premium of R$1,632.
In addition, maximum limit of indemnification (LMI) was reduced from R$348,892 to R$300,000.
29. STATEMENT OF INCOME BY COMPANY
01.01 to 09.30
OPERATING REVENUE
Billed sales
Unbilled sales
Supply - Electric Power
Other
REVENUES DEDUCTION
Billed sales - ICMS (State VAT)
Consumer charges
PIS (Tax on Revenues)
COFINS (Tax on Revenues)
COFINS - CVA - Amortization
Other
NET OPERATING REVENUE
OPERATING EXPENSES
Personnel
Material
Outsourced services
Energy purchased
Depreciation
Provisions
Other
Light SESA
Light Energia
Light SA
Light ESCO
Other
2009
Consolidated
Removals
2008 Consolidated
(Reclassified)
6,080,287
5,658,747
(14,353)
17,152
418,741
245,278
240,846
4,432
-
68,284
57,543
10,741
-
(66,778)
(45,256)
(21,522)
6,327,071
5,658,747
(14,353)
270,285
412,392
6,100,464
5,376,560
(34,417)
280,818
477,503
(2,361,564)
(1,523,465)
(533,314)
(56,120)
(248,001)
932
(1,596)
(25,822)
(10,822)
(2,675)
(12,325)
-
-
(9,761)
(7,735)
(282)
(1,299)
(445)
-
-
(2,397,147)
(1,531,200)
(544,136)
(59,077)
(261,625)
932
(2,041)
(2,189,132)
(1,449,812)
(372,714)
(63,431)
(306,245)
5,192
(2,122)
3,718,723
219,456
-
58,523
-
(66,778)
3,929,924
3,911,332
(3,198,140)
(135,971)
(10,270)
(174,178)
(2,404,990)
(210,065)
(217,601)
(45,065)
(88,909)
(12,973)
(496)
(9,430)
(30,127)
(18,194)
(10)
(17,679)
(33,838)
(32,504)
(1,063)
(271)
(48,053)
(1,061)
(4,779)
(3,436)
(37,917)
(459)
(401)
-
66,777
66,509
268
(3,302,163)
(182,509)
(15,545)
(188,107)
(2,406,525)
(228,718)
(217,611)
(63,148)
(3,146,841)
(169,506)
(11,425)
(197,514)
(2,213,338)
(236,362)
(262,127)
(56,569)
-
-
390,226
-
-
(390,226)
-
-
FINANCIAL INCOME
Financial revenue
Financial expenses
(88,291)
124,950
(213,241)
(5,747)
7,182
(12,929)
761
1,177
(416)
556
799
(243)
4,512
4,552
(40)
(10,877)
10,877
(88,209)
127,783
(215,992)
232,698
205,565
27,133
INCOME BEFORE TAXES
Social contribution
Income tax
432,292
(13,757)
(106,602)
124,800
(11,213)
(30,254)
357,149
-
11,026
(61)
(3,588)
4,512
(18)
(31)
(390,227)
-
539,552
(25,049)
(140,475)
997,189
(73,897)
(218,191)
INCOME AFTER TAXES
311,933
83,333
(390,227)
Equity in the earnings of subsidiaries
Employees profit sharing
NET INCOME
07/31/2017 14:53:45
374,028
705,101
(15,364)
(1,125)
357,149
(34)
7,377
(390)
4,463
-
-
(16,913)
(16,298)
296,569
82,208
357,115
6,987
4,463
(390,227)
357,115
688,803
Page:88
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
30. TARIFF REVIEW
(Not revised by the independent auditors)
Result of second periodic tariff review of Light SESA:
At a public meeting held on October 13, 2009, ANEEL established at 2.06% the final
tariff adjustment of Light Serviços de Eletricidade S/A for the period from November 7,
2008 (November 2008 to November 2013), including all consumption categories
(residential, industrial, commercial and others). The effects thereof will be noticed when
the 2009 tariff adjustment is ratified.
In view of what had been temporarily established in November 2008, the main changes
introduced by ANEEL are: (i) the reference company increases from R$575 million to
R$583 million, that is, R$8 million higher than the 2008 interim result; (ii) reduction in
annual investments from R$390 million to R$364 million and (iii) definition of the nontechnical loss decreasing path, from 38.98% to 31.82% of the low tension market in the
last year of the cycle.
Other relevant variables in the tariff structure, such as delinquency rate (0.90%), Xe
Factor (0.0%) and Market Growth of Xe Factor (1.5%), remained unchanged in relation
to what was temporarily established by ANEEL in November of 2008. Likewise, the
basis of Gross Regulatory Compensation (R$8,077 million) and Net Regulatory
Compensation (R$4,674 million) did not have any changes. Lastly, the final review
result may be considered neutral in relation to the Preliminary Review, which
represented an important improvement in the recognition of the details of Light’s
concession.
31. LONG-TERM INCENTIVE PLAN
a) Stock Incentive Plan
Light S.A., pursuant to CVM Resolution 562 issued on December 17, 2008, recorded an
increase of R$10,163 in its shareholders’ equity, under capital reserves, corresponding
to the vesting period incurred in the third quarter of 2009, totaling R$52,667 (R$42,504
on June 30, 2009) referring to stock options granted to some of its officers.
b) “Phantom Option” Incentive Plan
The Company accrued the amount of R$1,033 related to the vesting period incurred in
the third quarter of 2009, offset by an entry in the personnel expenses item, totaling
R$7,445 (R$6,412 on June 30, 2009).
07/31/2017 14:53:45
Page:89
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
LIGHT S.A.
September 30, 2009
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
07/31/2017 14:53:45
Page:90
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
LIGHT S.A.
September 30, 2009
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
32. SUBSEQUENT EVENTS
Tariff readjustment
At a public meeting held on November 4, 2009, ANEEL approved the report that
authorizes the 5.65% average readjustment to Light SESA’s tariffs from November 7,
2009, including all consumption categories (residential, industrial, commercial, rural
and other).
Adhesion to the “New Refis”
On November 6, 2009, Light S.A’s Board of Directors approved the adhesion of Light
SESA to the “New Refis” (new Tax Recovery Program), as established by Law
11,941/2009, with payment of tax debts in up to 180 installments.
Dividends payment
On November 6, 2009, the Board of Directors approved the statement of additional
dividends, in the amount of R$94,730, referring to the Profit Reserve account, totaling
R$594,368 of 2008 profit.
07/31/2017 14:53:45
Page:91
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
BOARD OF DIRECTORS
MEMBERS
ALTERNATES
SérgioAlair Barroso
Luiz Fernando Rolla
Djalma Bastos de Morais
João Batista Zolini Carneiro
Eduardo Borges de Andrade
João Pedro Amado Andrade
Ricardo Coutinho de Sena
Paulo Roberto Reckziegel Guedes
Carlos Augusto Leone Piani
Ana Marta Horta Veloso
Firmino Ferreira Sampaio Neto
Paulo Jerônimo Bandeira de Mello Pedrosa
Aldo Floris
Lauro Alberto de Luca
Carlos Roberto Teixeira Junger
Ricardo Simonsen
Elvio Lima Gaspar
Joaquim Dias de Castro
José Luiz Silva
Carmen Lúcia Claussen Kanter
Ruy Flaks Schneider
Almir José dos Santos
FISCAL COUNCIL
MEMBERS
ALTERNATES
Ari Barcelos da Silva
Eduardo Gomes Santos
Isabel da Silva Ramos Kemmelmeier
Leonardo George de Magalhães
Eduardo Grande Bittencourt
Ricardo Genton Peixoto
Maurício Wanderley Estanislau da Costa
Márcio Cunha Cavour Pereira de Almeida
Aristóteles Luiz Menezes Vasconcellos Drummond
João Procópio Campos Loures Vale
07/31/2017 14:53:45
Page:92
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
STANDARDIZED FINANCIAL STATEMENTS (DFP)
COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES
01987-9
September 30, 2009
LIGHT S.A.
Brazilian Corporation Law
03.378.521/0001-75
11.01 – NOTES TO THE FINANCIAL STATEMENTS
BOARD OF EXECUTIVE OFFICERS
José Luiz Alquéres
Chief Executive Officer
Ronnie Vaz Moreira
Vice Chief Executive and Investor Relations Officer
Roberto Manoel Guedes Alcoforado
Vice Chief Operations and Clients Officer
Paulo Henrique Siqueira Born
Executive Officer
Ana Silvia Corso Matte
Executive Officer
Luiz Fernando de Almeida Guimarães
Executive Officer
Paulo Roberto Ribeiro Pinto
Executive Officer
Gustavo César de Alencar
Executive Officer
CONTROLLERSHIP AND PLANNING SUPERINTENDENCE
Elvira Madruga B Cavalcanti
Luciana Maximino Maia
Controllership and Planning Superintendant
ACCOUNTANT – Accounting Manager
Individual Taxpayer’s ID (CPF) 590.604.504-00
Individual Taxpayer’s ID (CPF) 114.021.098-50
Regional Accounting Council (CRC-RJ) 091476/O-0
07/31/2017 14:53:45
Page:93